Hi Nishan,
Property tax are charged annually, depending on the annual value (AV) of the home. Property tax for non-owner occupied property is tiered, from 10% for the first $30k, till up to 20% for AV above $90k.
If the owner is staying in the property, the property tax rate is significantly reduced, with the first 8k at 0%, and subsequently at 4% of AV.
Generally, as a foreigner, you can only own non-landed private properties, both residential and non-residential. You are not eligible for public housing (HDB) as well as landed properties.
For every property purchase, a Buyer Stamp Duty (estimated 3-4% of the property price) will be levied. This is a one-time payment during the purchase.
And because you are a US Citizen, you will be treated the same as a Singaporean (under the Free Trade Agreement). i.e You do not need to pay any Additional Buyer Stamp Duty (ABSD) for your first residential property purchase.. This ABSD can amount to hundred of thousands of dollars, and can be a substantial savings for you.
Should you need require further assistance in matters relating to property, please contact me at my mobile
9748 6305
. I will be happy to assess and share with you the possibilities for you in the current market.
Thank you.
Best regards,
Robbie Chen
9748 6305
PropNex Realty
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