Lower Property Tax for Retirees or Persons Suffering Drop in Income
08 May 2023Parliamentary Question by Mr Christopher de Souza:
To ask the Deputy Prime Minister and Minister for Finance whether property tax can be lowered in the event that the property owners have retired or have had a decrease in income.
Parliamentary Reply by Deputy Prime Minister, and Minister for Finance Mr Lawrence Wong:
Property Tax (PT) is a tax on property ownership and is our principal means of taxing wealth.
The Government is committed to supporting retirees. We do so, not by lowering PT rates for residential properties owned by retirees, but by supporting our seniors in other ways. For example, through the Assurance Package (AP), seniors living in private properties can receive AP Cash, AP MediSave and the Cost-of-Living Special Payment. Retirees living in private properties are also eligible to apply for subsidies under the Community Health Assist Scheme (CHAS).
Property owners facing financial hardship, such as due to a loss of income, and have difficulty paying their PT bills can contact IRAS for assistance.