Thursday, June 12, 2008
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- First $180,000 is 1% .
- Second $180,000 is 2%.
- Thereafter, 3% of the remaining property price.
For property price more than $360K, a quick way to compute the stamp duty is to consider a flat rate of 3% on the total property price, then subtract the excess amount for the first $180K and next $180K which is $5400.
Quick Formula:
Stamp Duty = 3% x Property price - $5400
Example 1: Property Price = $1M
Stamp Duty = 3% of $1M - $5400 = $30,000 - $5400 = $24,600
Example 2: Property Prcie = $600K
Stamp Duty = 3% of $600K - $5400 = $12,600
Qiuck Way to Calculate Stamp Duty Payable for Buying Singapore Property
Stamp Duty payable by Buyer of Singapore Property- First $180,000 is 1% .
- Second $180,000 is 2%.
- Thereafter, 3% of the remaining property price.
For property price more than $360K, a quick way to compute the stamp duty is to consider a flat rate of 3% on the total property price, then subtract the excess amount for the first $180K and next $180K which is $5400.
Quick Formula:
Stamp Duty = 3% x Property price - $5400
Example 1: Property Price = $1M
Stamp Duty = 3% of $1M - $5400 = $30,000 - $5400 = $24,600
Example 2: Property Prcie = $600K
Stamp Duty = 3% of $600K - $5400 = $12,600
For property price less than $360K, it's 1% for first $180K and 2% for the next $180K.
Example 3: Property Price = $280K
Stamp Duty = 1%x$180,000 + 2%x$100,000 = $3800
Example 4: Property Price = $160K
Stamp Duty = 1%x$160,000 = $1600
(The discounts given to the first 360K is to take care of people from the lower income group who are buying a small property like a 3-rm HDB flat.)
May also want to read:
How to Calculate Rental Yield for Singapore Property
How to Calculate Property Tax for Singapore Property
Inland Revenue Authority of Singapore(IRAS): Stamp Duty Calculator
Singapore Property History
May also want to read:
How to Calculate Rental Yield for Singapore Property
How to Calculate Property Tax for Singapore Property
Inland Revenue Authority of Singapore(IRAS): Stamp Duty Calculator
Singapore Property History
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The blogger here has been affectionately named by close allies as "Smart Buyer" but really, he's not smart. Smart Buyer just believes that being prudent is smart. That's the essence of the message of this blog and Smart Buyer hopes it'll benefit other property buyers.
Smart Buyer :)