Property: Property Tax Calculations (Owner-Occupied vs Investment) #172
Description
Summary
Add property tax calculations based on Singapore's progressive tax rates. Property tax varies significantly based on whether the property is owner-occupied or rented out (investment).
Why This Matters
- Annual property tax can range from $2K to $30K+ depending on property value and occupancy
- Owner-occupied rates are significantly lower than investment property rates
- This is a major recurring cost that affects financial planning
Singapore Property Tax Rates (2024)
Owner-Occupied Residential
| Annual Value | Tax Rate |
|---|---|
| First $8,000 | 0% |
| Next $22,000 | 4% |
| Next $10,000 | 6% |
| Next $15,000 | 10% |
| Next $15,000 | 14% |
| Next $15,000 | 20% |
| Next $15,000 | 26% |
| Above $100,000 | 32% |
Non-Owner-Occupied (Investment)
| Annual Value | Tax Rate |
|---|---|
| First $30,000 | 12% |
| Next $15,000 | 20% |
| Next $15,000 | 28% |
| Above $60,000 | 36% |
Example Impact
For a property with $36,000 Annual Value:
- Owner-occupied: ~$1,120/year
- Investment: ~$4,320/year (nearly 4x more!)
Proposed Data Fields
interface PropertyTaxConfig {
isOwnerOccupied: boolean
annualValue: number // Estimated by IRAS based on market rent
}Annual Value Estimation
- If rented: AV ≈ Annual Rent × 0.9-1.0
- If not rented: AV ≈ Estimated market rent × 12
- Could auto-calculate from rental income if entered
UI Integration
- Display in Purchase tab costs breakdown
- Show in recurring costs section
- Toggle for owner-occupied vs investment
- Annual property tax displayed prominently
Acceptance Criteria
- User can specify owner-occupied or investment
- Annual Value can be entered or auto-calculated from rent
- Progressive tax rates applied correctly
- Annual property tax displayed in results
- Integrated into recurring costs timeline
References
Labels
property, enhancement, P1