Realtor logo

Archive for: February, 2018

What is the park colonial condo property tax in Singapore now

Property Taxes! Are these taxes lower for condos? Are they lower for townhouses? If you’re seriously planning on owning a new home, these are some issues you should consider when it comes to buying a condo or townhouse for your own stay. There’s often the debate of whether or not buying a condo or a townhouse will save you the most on property taxes.

This seems like a legitimate debate, but for those who are not sure about taxes between both property types, this article will help you to understand the differences between the two.

Townhouses and condos have distinct differences

Understanding the differences between a condo and a townhouse is great for knowing the distinctions between both properties and how they are sold to you. The purchase of Park Colonial Condo Singapore will provide you ownership of a particular area within the condo building. With a townhouse you’ll own the full plot of land as well as maybe having sole ownership of the property around the house, per the bylaws that has been drafted by the authority. With both properties you can own with sharing ownership of common areas, especially in a condo. If you own a Park Colonial Condo @ Woodleigh MRT, you take up co-ownership of the communal spaces that’s outside of your residential unit space. It also makes a difference on the way you’re taxed for the property.

What are the factors that affects property tax?

The amount of property taxes that you must pay at the end of the year stems from two main factors. First of all, determination of your assessed home value is a factor. An assessor, assesses the necessary things that are taxable like acreage, number of bedrooms, number of baths, square footage, and even comparable condos or townhouses in the immediate area that you live in. These things are determinant of how much you’ll pay in yearly property taxes. The second factor is the mill levy, which is the tax rate for the area that you live in. It is also expressed in a determined percentage. The mill levy of your area is focused on number of parks, public schools, and local emergency aid like police precincts, fire departments, etc. The more in-town amenities that your town has, you will have a higher mill levy.

Are condo or townhouse property taxes lower?

Due to the factors which includes size, number of bedrooms and square footage and more, you will typically pay lower taxes on both a townhouse and a condo. These taxes are lower than that of the detached single-family home. Both condos and townhouses have lesser space than a single-family home. Living in a condo, taxpayers will share their due tax for land and other common areas, including the lobby, hallways and stairs. People living in townhomes may or may not be solely responsible for paying land taxes but are certainly solely responsible for paying taxes on the townhome. On average townhouses and condo taxes are lower than single-family homes, but within the same taxable range.

Artra Redhill Condo by Tang Group of Companies

Artra Redhill Condo by Tang Group of Companies

Have you ever wondered why majority of our citizens are chasing after the quality of life in every corner of our island? Is it due to the relentless prosperity our city state have been enjoying over the past few decades? Whatever the reason may be, it became much more evident and justifiable on residing within a private condo over a housing board flats anytime.

In terms of the many amenities offered by the private developer as compared to the shared communal public facilities, it is certainly a no-brainer in choosing the former. Although it comes with a maintenance fee price tag, residents are generally well-to-do enough to support these incentives.

One such development lately will be this Artra Redhill Condo, it is currently under construction and developed by Tang Group of Companies. They have won the plot of land parcel during a public tender exercise released by the Urban Redevelopment Authority of Singapore, it attracted many keen bidders during then, due to the attractiveness of being adjacent to Redhill MRT station.

The winning factor does not lie on being next to the train station alone, it is also a piece of mixed site plot of land, meaning the successful bidder will be able to build a residential development with commercial component within the entire project. How cool is that? It is the only such development in the neighbourhood and will be a landmark for many years to come due to the prominent locale.

This is certainly one of the few reasons to purchase this premium Artra redhill condo, especially by our hdb upgraders around the vicinity. It is situated in a very mature and established neighbourhood and sitting right next to our major transportation node.

It is almost exactly the main reason why it attracts the residents already residing around the same town or next. Not only does the condo provide nice amenities for them, it is also a mixed development right next to MRT station. It’s like having the best of both worlds within a specific location.

As a resident of the artra condo, you will be able to rest longer in the night than your colleagues who live further than you and you will also be able to reach home earlier for dinner as compared to them. Who has the edge in just three stations to our Central Business District (CBD)? No doubt, all the conveniences stated here will come with a heavy price tag and it’s a big-ticket item of your life, but would you trade in your money for all of these when you can afford to pay for the monthly instalment? Are you one of the person along the streets that will be chasing after the endless good quality of life that I’ve mentioned earlier?

Well, if you’re looking to upgrade your lifestyle by purchasing a condo of your own for your family, Artra Condo by Tang Group could be your best bet in Redhill or Alexandra Road precinct.