Taxes on Property Flashcards
Is ABSD required for non residential propoerties?
No.. so long there’s no residential component
Formula for calculating BSD residential properties under 1 million and all commercial properties
3% X Purchase Price - $5400
Formula for calculating BSD for residential properties above 1 million
4% X Purchase price - $15,400
What is the mortgage rate
4% of price, kept at $500
Seller Stamp Duty
Between 14 Jan 2014 - 10 March 2017
(16%, 12 %, 8%, 4%, FREE)
After 10 March 2017
(12%, 8%, 4%, FREE)
Does Industrial properties need to pay SSD?
Only those bought ON or AFTER 12 Jan 2013
SSD liability for Industrial Properties
B1/B2 - 100 % of GFA
SSD computation for INdustrial Properties
15%, 10% , 5%
What is exempted from SSD for Residential properties
Non-licensed developer, Land acquisiton act, inheritance sold, bankruptcy proceedings, foreigner selling due to residential property act, SERS sales to open market
What is exempted from SSD for Industrial Properties?
govmnt acquisition, govmnt bodies,
For renting property, if there is a decrease in rental or decrease in lease period, is there a need for stamp duty?
No. only if there is a increase
Rates and computation on Stamp Duty to be paid for rental?
Average annual rent less than $1000 : No need
If exceeds $1000:
4 years or less: 0.4% of total rent of the lease
More than 4 years: 0.4% of 4 times the AAR of the lease
Property tax for Non-Residential Properties
10% X Annual Value
Property Tax for Residential (Owner occupied)
0 % for $8000
4% for next $47,000
6% for next $15,000
all next 15,000 is increment of 2%, until 115,000. above 130000 is 16%
Property Tax for Residential (Non-Owner occupied)
10% for first $30,000
12% for next $15,000
all next 15,000 is increment of 2% until 90,000( 18%), above $90,000 is 20%
