The best news from Budget 2022: End of the road for multiple properties owners - Printable Version
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The best news from Budget 2022: End of the road for multiple properties owners - YummyKing - 18-02-2022
Those young punks, who bought tons of properties to invest, causing the relentless rise of property prices, real bad news for you. Together with new cooling measures , and no high end foreigners coming here to rent, it’s the end of the road for you
Shiok shiok shiok.
RE: The best news from Budget 2022: End of the road for multiple properties owners - YummyKing - 18-02-2022
Starting with drop in property prices of new launches and new properties. Those genuine buyers looking for a home to stay now can Pang sim to get a property within their budget.
RE: The best news from Budget 2022: End of the road for multiple properties owners - Bigbluedot - 18-02-2022
What happen?
RE: The best news from Budget 2022: End of the road for multiple properties owners - [[ForeverAlone]] - 18-02-2022
(18-02-2022, 05:46 PM)YummyKing Wrote: Those young punks, who bought tons of properties to invest, causing the relentless rise of property prices, real bad news for you. Together with new cooling measures , and no high end foreigners coming here to rent, it’s the end of the road for you
Shiok shiok shiok.
IF their parents is rich no problem lor
RE: The best news from Budget 2022: End of the road for multiple properties owners - YummyKing - 18-02-2022
(18-02-2022, 05:48 PM)Bigbluedot Wrote: What happen?
Budget 2022: Property tax rates for residential properties to go up from 2023
roperty taxes rates for both owner-occupied and non-owner-occupied residential properties will be revised in 2 steps starting from 2023, boosting property tax revenue by about S$380 million.The property tax rate for non-owner-occupied residential properties - which includes investment properties - will be hiked across the board: from 10 to 20 per cent presently, to 12 to 36 per cent. High-end properties will see a steeper increase.
For instance, the annual property tax payable for a suburban condominium or landed property with an annual value of S$30,000 will go up from S$3,000 under the current rates to S$3,300 in 2023 and S$3,600 in 2024.
The annual property tax for a large landed property with an annual value of S$150,000 will increase from S$24,000 currently, to S$33,150 in 2023, and S$43,200 in 2024.
Meanwhile, the property tax for owner-occupied residential properties will be increased for the portion of annual value in excess of S$30,000: from 4 per cent to 16 per cent today, to 6 per cent to 32 per cent.
"This increase will impact the top 7 per cent of owner-occupied residential properties," said Finance Minister Lawrence Wong during the Budget speech.
RE: The best news from Budget 2022: End of the road for multiple properties owners - Sharexchange - 18-02-2022
Very much affordable. Not gg to make a dent in their pocket.
RE: The best news from Budget 2022: End of the road for multiple properties owners - YummyKing - 18-02-2022
The annual property tax for a large landed property with an annual value of S$150,000 will increase from S$24,000 currently, to S$33,150 in 2023, and S$43,200 in 2024.
Meanwhile, the property tax for owner-occupied residential properties will be increased for the portion of annual value in excess of S$30,000: from 4 per cent to 16 per cent today, to 6 per cent to 32 per cent.
"This increase will impact the top 7 per cent of owner-occupied residential properties," said Finance Minister Lawrence Wong during the Budget speech.
The increase will similarly be higher for properties at the top end. For instance, a condo in a central location or a landed property with an annual value of S$40,000 will pay a property tax of S$1,380 in 2023 and S$1,480 in 2024. This is up from S$1,280 under the current rates.
A large landed property with an annual value of S$150,000 will pay a property tax of S$20,230 in 2023 and S$27,980 in 2024. This is up from S$12,580 currently.
"When fully implemented, they will raise our property tax revenue by about S$380 million per year," Wong added.
RE: The best news from Budget 2022: End of the road for multiple properties owners - [[ForeverAlone]] - 18-02-2022
hmm like that my relative her foreigner PR hubby going to get tax more?
He hold high post in an IT corporation.
Stay in HDB flat but own two condos heard actually 3 to rent out
he also owned Office , also rent out.
RE: The best news from Budget 2022: End of the road for multiple properties owners - YummyKing - 18-02-2022
(18-02-2022, 05:52 PM)Sharexchange Wrote: Very much affordable. Not gg to make a dent in their pocket.
Huh? If you have 3 properties, with annual value of $300000, you have to pay something like $150,000. Most buy with hope that rentals will cover their costs.. besides this, rate hikes coming. And no good rents, how how ?
RE: The best news from Budget 2022: End of the road for multiple properties owners - YummyKing - 18-02-2022
That’s not all. If you have big non owner occupiedhouse, sure have big cars
Budget 2022: Higher taxes for top tier earners, high-end properties and luxury cars
https://www.channelnewsasia.com/singapore/budget-2022-higher-personal-income-tax-property-tax-luxury-cars-2506711
RE: The best news from Budget 2022: End of the road for multiple properties owners - LongXia - 18-02-2022
Luckily no estate duty. Otherwise bigger headache for the wealthy.
RE: The best news from Budget 2022: End of the road for multiple properties owners - [[ForeverAlone]] - 18-02-2022
(18-02-2022, 06:02 PM)LongXia Wrote: Luckily no estate duty. Otherwise bigger headache for the wealthy.
Honestly speaking the Rich don't mind get tax a lot the KEY PROBLEM IS HOW GOV Use these taxes so call " help the society etc "
BUT This current PAP is MORE wastage it than can come out what Mayors post? Is so call " legal ownself benefits ON THE expense FREELY From the Rich "
RE: The best news from Budget 2022: End of the road for multiple properties owners - YummyKing - 18-02-2022
Just spoke to my Property Agent relative. He said sure gone case.
Properties prices sure drop. HDB resale not affected.
RE: The best news from Budget 2022: End of the road for multiple properties owners - [[ForeverAlone]] - 18-02-2022
(18-02-2022, 06:05 PM)YummyKing Wrote: Just spoke to my Property Agent relative. He said sure gone case.
Properties prices sure drop. HDB resale not affected.
He BS you rah lol , later will brag selling million dollars landed house, condo, + HDB resale flat
RE: The best news from Budget 2022: End of the road for multiple properties owners - LongXia - 18-02-2022
(18-02-2022, 06:04 PM)[[ForeverAlone]] Wrote: Honestly speaking the Rich don't mind get tax a lot the KEY PROBLEM IS HOW GOV Use these taxes so call " help the society etc "
BUT This current PAP is MORE wastage it than can come out what Mayors post? Is so call " legal ownself benefits ON THE expense FREELY From the Rich "
Estate duty is big headache for everyone with reasonable wealth. Many of us have stocks, house, bank deposit, insurance, gold bars etc... if got estate duty, even not millionaire, you have to crack your head, how you are going to hide your wealth , so that your children will or can get as much as possible what you left behind for them. Don’t play play with this type of tax.
RE: The best news from Budget 2022: End of the road for multiple properties owners - [[ForeverAlone]] - 18-02-2022
(18-02-2022, 06:09 PM)LongXia Wrote: Estate duty is big headache for everyone with reasonable wealth. Many of us have stocks, house, bank deposit, insurance, gold bars etc... if got estate duty, even not millionaire, you have to crack your head, how you are going to hide your wealth , so that your children will or can get as much as possible what you left behind for them. Don’t play play with this type of tax.
IF you say like this = not say Real rich. I preferring those REAL RICH out there, what big taxes Gov come out, pay those huge taxes to Gov , they actually don't mind , complain yes but end of the day they pay is due to " help the social , etc " this is what Taxes been used by Gov not just help those needy, society also for the country building up those public facilites etc Gov don't even have money of it own.
All from Taxes than use those taxes roll for profits etc , PM , Minister, Mp , WORST now is Mayors to top civil servants down to bottom all of them , their wages from where? Gov money? in the end also from the People money , Business owner taxes etc.
RE: The best news from Budget 2022: End of the road for multiple properties owners - YummyKing - 18-02-2022
(18-02-2022, 06:08 PM)[[ForeverAlone]] Wrote: He BS you rah lol , later will brag selling million dollars landed house, condo, + HDB resale flat
BS or not doesn’t matter . People will think twice or three times befor buying property. Even with cooling measures, still they can get around to buy the properties. For sure it will affect those foreigners who come here to buy buy buy the properties, contributing to the super high increase in prices.For sure these properties are not owner occupied . They sure will be subjected to the higher end of the new property rates. Shiok.
RE: The best news from Budget 2022: End of the road for multiple properties owners - Huliwang - 18-02-2022
(18-02-2022, 05:57 PM)YummyKing Wrote: Huh? If you have 3 properties, with annual value of $300000, you have to pay something like $150,000. Most buy with hope that rentals will cover their costs.. besides this, rate hikes coming. And no good rents, how how ?
Owners will increase rentals and pass the tax and whatever increases to tenants. wat. This is how the market works........
RE: The best news from Budget 2022: End of the road for multiple properties owners - [[ForeverAlone]] - 18-02-2022
(18-02-2022, 06:15 PM)YummyKing Wrote: BS or not doesn’t matter . People will think twice or three times befor buying property. Even with cooling measures, still they can get around to buy the properties. For sure it will affect those foreigners who come here to buy buy buy the properties, contributing to the super high increase in prices.For sure these properties are not owner occupied . They sure will be subjected to the higher end of the new property rates. Shiok.
You see the new Kallang BTO whatever yesterday HDB announce, I bet surely again a lot ballot as usual
RE: The best news from Budget 2022: End of the road for multiple properties owners - YummyKing - 18-02-2022
For sure, those genuine people looking for a hone to stay, will be better of.
RE: The best news from Budget 2022: End of the road for multiple properties owners - YummyKing - 18-02-2022
(18-02-2022, 06:16 PM)[[ForeverAlone]] Wrote: You see the new Kallang BTO whatever yesterday HDB announce, I bet surely again a lot ballot as usual
This high rates applied to NOT OWNER OCCUPIED.
BTO is for those people who want to buy to stay.
RE: The best news from Budget 2022: End of the road for multiple properties owners - Ola - 18-02-2022
(18-02-2022, 05:50 PM)YummyKing Wrote: Budget 2022: Property tax rates for residential properties to go up from 2023
For instance, the annual property tax payable for a suburban condominium or landed property with an annual value of S$30,000 will go up from S$3,000 under the current rates to S$3,300 in 2023 and S$3,600 in 2024.
"This increase will impact the top 7 per cent of owner-occupied residential properties," said Finance Minister Lawrence Wong during the Budget speech.
I read until blur.
Singapore got HDB value at lesser than $30k, meh?
This will impact top 7% or in fact, impact 93% of owner residential properties?
RE: The best news from Budget 2022: End of the road for multiple properties owners - [[ForeverAlone]] - 18-02-2022
(18-02-2022, 06:17 PM)YummyKing Wrote: For sure, those genuine people looking for a hone to stay, will be better of.
The problem , I don't know " some singaporeans are stubborn etc " again " monkey effects , you see people do you also do "
In fact is NOT HDB flat is not enough, is due to " flippers " even those already own a BTO flat, they try to ballot again if got it , can sell their existing BTO flat flip high at resale market .
Remember everyone can ballot TWO Times , of course HDB claim so call " those already have flat, come 2nd ballot will have slim chance but again people pay 10 dollars play lottery
RE: The best news from Budget 2022: End of the road for multiple properties owners - starbugs - 18-02-2022
Yes, the increased tax on non-owner properties is what I have advocated all along. Tax on luxury cars is another good one.
"Luxury cars will also be taxed at a higher rate, with an new Additional Registration Fee tier for cars above S$80,000 in open market value. These luxury cars will be taxed at a rate of 220 per cent."
It seems that govt people actually do monitor these forums for ground sentiment and ideas. Too bad they are hell-bent on raising GST and didn't bring back estate duty.
RE: The best news from Budget 2022: End of the road for multiple properties owners - YummyKing - 18-02-2022
(18-02-2022, 06:20 PM)Ola Wrote: I read until blur.
Singapore got HDB value at lesser than $30k, meh?
This will impact top 7% or in fact, impact 93% of owner residential properties?
Valuation of your property for taxation is different from market value of your property. Example my home if I want to sell is worth $1.3 million, but IRS value it as $36,000 for owner occupied property, so I paid property tax based on this $36,000 value. You never paid poroperty tax meh?
RE: The best news from Budget 2022: End of the road for multiple properties owners - [[ForeverAlone]] - 18-02-2022
(18-02-2022, 06:18 PM)YummyKing Wrote: This high rates applied to NOT OWNER OCCUPIED.
BTO is for those people who want to buy to stay.
So? you see surely " a lot ballot as usual " I don't know really want to buy a flat to stay or again " flip high at resale market "
UNLESS HDB come out new rules ONCE you ballot before and got a BTO flat, You cannot ballot again
RE: The best news from Budget 2022: End of the road for multiple properties owners - luncheonmeat - 18-02-2022
(18-02-2022, 06:15 PM)YummyKing Wrote: BS or not doesn’t matter . People will think twice or three times befor buying property. Even with cooling measures, still they can get around to buy the properties. For sure it will affect those foreigners who come here to buy buy buy the properties, contributing to the super high increase in prices.For sure these properties are not owner occupied . They sure will be subjected to the higher end of the new property rates. Shiok.
Those ultra rich new citizens who live overseas dun rent out their luxe properties, how garbagemen know whether iz owner occupied or not. Any way think laolen did quite a good job adjusting the tax duties so that the rich need to contribute more and not just the poor who are burdened with higher gst.
RE: The best news from Budget 2022: End of the road for multiple properties owners - YummyKing - 18-02-2022
(18-02-2022, 06:26 PM)[[ForeverAlone]] Wrote: So? you see surely " a lot ballot as usual " I don't know really want to buy a flat to stay or again " flip high at resale market "Yes this one I agree. HDB has too many restrictive rules.
UNLESS HDB come out new rules ONCE you ballot before and got a BTO flat, You cannot ballot again
They need to change the salary caps for applying these flatbed too. My son and wife earns more $20,000 but cannot apply private condo, but not qualify for HDB.
RE: The best news from Budget 2022: End of the road for multiple properties owners - RiseofAsia - 18-02-2022
(18-02-2022, 06:02 PM)LongXia Wrote: Luckily no estate duty. Otherwise bigger headache for the wealthy.
This will leave it to next year?
RE: The best news from Budget 2022: End of the road for multiple properties owners - luncheonmeat - 18-02-2022
Dat day I was at orchard rd the road was choc-a-block packed with a convoy of revving lambors creating a huge din. Please tax dis environmental polluters and not poor plastic bag users yah.