What impact does the revised Property Tax Structure has on me?
The recently announced and unveiled Budget 2013 included a segment on a new residential property tax structure that would take effect by 1 January 2014. This tax structure features progressive tax rates for all property, based on their Annual Value. A further increase of 1% for the upper tiers is slated for 1 January 2015. In addition to increasing tax for higher-value properties, a different, higher-tax structure will also be put in place for non-owner-occupied residences.