Property Tax
Taxation
Assessable Value
- Rental receipts
- Recovery of rental which is claimed as uncollectible previously
Deductions
- 20% statutory allowance
- Rates paid by the landlords
Non - deductible expenses
Government rent, property renovation costs, agency fees, building management fees, insurance
Property tax for 2020/2021
- Net assessable value
= (Rental Income - Uncollectible rent - Rates) x Standard Allowance for Repair and Expenditure (20%)
- Property tax rate 15% on net assessable value