It’s the start of the year again, and it can only mean two things — you've just drawn up list of personal finance resolutions, and if you own a property, your property tax is about to be due soon.
Property tax is a tax on property ownership, and applies to you regardless if your property is occupied, rented out, or left vacant. You will receive this tax bill every end of the year, and payment is due on every 31st of January.
You can now earn credit card rewards on your property tax payment when you pay through CardUp.
| Promo Fees | Promo code | Applicable for |
|
1.7% (u.p.2.6.%) |
DBSCARDUPNEW |
New users with DBS/POSB credit cards. T&Cs apply. |
|
2.25% (u.p.2.6.%) |
GET225 |
New and existing users. T&Cs apply. |
Ready to redeem the offers and earn credit card rewards on your property tax payments?
As with every tax bill, it is not a payment that all of us look forward to. But also, as with every tax bill (income tax and stamp duty included), your property tax can be shifted onto your credit card through CardUp!
If your list of resolutions include spending more smartly this year, here's how CardUp can help you kill two birds with one stone by letting you earn rewards and save on your property tax payment.
Offer: Enjoy fees as low as 1.7% on your 2022 property tax payment >
While simply putting your property tax payments on your credit card might not earn you sufficient air miles for most flights, combining them with other payments might just earn you a luxurious flight out!
For example, if you have an Annual Value of $38,000, your property tax will be:
| First S$8,000 @ 0% | S$0 |
| Next S$30,000 @ 4% | S$1,200 |
| Total property tax payable | S$1,200 |
By combining your tax bill with other CardUp spend, here's how many air miles you could earn in a year:
| Payment type | Annual spend | CardUp fee (2.25% per transaction) | Earn (1.4 miles per dollar) |
| Property tax | S$1,200 | S$1,479.60 per year |
94,135 air miles Worth S$4,000 when redeemed for a return business class flight to Tokyo, Japan! |
| Income Tax | S$5,000 | ||
| Insurance premiums | S$15,000 | ||
| Rent | S$26,760 | ||
| Education fees | S$8,600 | ||
| Helper salary | S$7,200 | ||
| Electricity bills | S$2,000 | ||
| Total | S$65,760 |
In the example above, you're able to earn sufficient air miles to fly to Tokyo, Japan on Business Class (worth about $4,000), while paying just approximately $1,480 in fees — that's almost 63% in savings!
Similarly, you can also use a cashback card to get additional savings on your tax bill. One of the most popular cashback cards in the market is the UOB One Card, which gives you up to 5% cashback on all expenses, including CardUp spend!
By working in your property tax payment smartly into your payment schedules, you'll be able to save 5% on this payment — not bad for a tax bill!
As we slowly creep towards the 31st January tax bill due date — do remember to schedule your property tax payments at least 3 days in advance to allow for the payments to reach the tax authorities on time!
How much property tax you pay each year is based on your home’s Annual Value. This Annual Value is defined as:
The Annual Value may change every year as rental prices swing up and down, but rest assured that when this happens, the tax authorities will send out a note to notify you of any changes.
In any case, you can also log in to myTax Portal any time to check your property’s Annual Value. There is also a handy calculator here where you can plug in your Annual Value to calculate how much property tax you will be paying.