I Inherited my property and it has a very high Annual Value. I am staying in my property and do not generate rental income from it. I am just a regular salaried worker and do not intend to sell my property. Why do I need to pay higher property tax?

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As opposed to income tax, which taxes the income received by a person, property tax is a wealth tax. It is not a tax on rental income. It is thus levied based on the value of your property, which represents part of your overall wealth. However, to encourage home ownership, you can enjoy a lower tax rate for your owner-occupied residential property.

This information is sourced from IRAS.

I Inherited my property and it has a very high Annual Value. I am staying in my property and do not generate rental income from it. I am just a regular salaried worker and do not intend to sell my property. Why do I need to pay higher property tax?

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