Budget 2023: The Government is imposing higher taxes on luxury homes as well as more than half of non-residential properties with effect from Wednesday (Feb 15).
For residential properties, the portion of the value of the property over S$1.5 million and up to S$3 million will be taxed at 5 per cent, while the portion of the value in excess of $3 million will be taxed at 6 per cent.
Before Feb 15, all the portion of the value of a property in excess of S$1 million is taxed at 4 per cent.
Price: $1,500,000 > No Change
Price: $2,000,000
> $64,600 to $69,600
> Increase of $5,000
Price: $3,000,000
> $104,600 to $119,600
> Increase of $15,000
Main display image from Todayonline
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