Proposal for Property Tax Deferral Scheme to Give Cash-strapped Persons Option to Postpone Paying Property Taxes

62 Mr Shawn Loh asked the Prime Minister and Minister for Finance whether asset-rich, cash-poor Singaporeans can have an option to defer their property taxes payable with a reasonable rate of interest, such that their taxes can be paid in the future when the properties are transacted or bequeathed.

63 Mr Liang Eng Hwa asked the Prime Minister and Minister for Finance whether the Government will consider introducing a property tax deferral scheme to assist seniors with cash flow difficulties to postpone paying the property taxes for their owner-occupied home.

Mr Jeffrey Siow: Deferring property taxes over long periods can result in significant accumulated liabilities, which may create complications when properties are transferred or bequeathed. The Government, therefore, takes a careful approach in considering such arrangements.

Nonetheless, we recognise that some property owners may face cash flow issues when paying their property tax. Currently, eligible property owners aged 65 and above can already apply for a 24-month interest-free instalment plan for their property tax payments.

We will continue to review the adequacy of our existing measures and consider whether further support is needed.