Before completing a resale purchase, ask for the latest property tax bill and a separate line for the adjustment on the completion statement. If the seller has paid the whole year’s bill, you may reimburse the seller for an agreed portion. If tax is outstanding, resolve who pays it and how settlement will be evidenced before funds are released.
Check the account balance and the bill
Ask for the annual bill, any subsequent valuation or tax notices, proof of payments and the result of the tax enquiry for the property. The annual bill and the outstanding balance can differ if the owner pays by instalments or a later adjustment applies. IRAS says the new owner is liable for tax on the property, including outstanding amounts. The completion arrangements should therefore address any unpaid amount the seller is to bear. IRAS guidance on transfers and payment responsibility.
Check which dates are in the calculation
The split between buyer and seller is a private arrangement. Ask which date counts as the first day for the buyer and which bill or adjusted amount is used. If the completion date shifts or a revised bill arrives, ask how the agreement handles the change. IRAS guidance for sellers.
For example, assume the seller has paid S$1,825 for a 365-day year, the amount remains unchanged and the parties agree to allocate 61 days to the buyer. At S$5 per day, the reimbursement is S$305. If the seller has only paid part of the bill, establish the remaining liability and the agreed settlement method before applying any reimbursement calculation.
Budget your own bill after moving
Use your intended occupation and the property’s Annual Value for the ongoing budget. The seller’s payment may reflect a different occupancy position or valuation. Check the rate that applies after transfer and the effective date if you will occupy the home later. IRAS owner-occupier rates and eligibility.
Keep the completion adjustment, the ongoing tax budget and any rent apportionment on separate lines. If a tenancy continues, ask for the rent and deposit handover record as well. Check the handover when buying a tenanted condo.
Archive photograph for context. Singapore River at Robertson Quay – 2022-08-14 (photographed 2022). Photo: Wzhkevin. Source (https://commons.wikimedia.org/wiki/File:Singapore_River_at_Robertson_Quay_-_2022-08-14.jpg) · CC BY-SA 4.0 (https://creativecommons.org/licenses/by-sa/4.0). Resized and displayed cropped.
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