From saving on property tax to whether you can get your property valued during this time - we are here to help with your burning real estate questions.
This is part two of a special series, that answers the top recurring real estate questions from our clients across sectors, to help navigate these uncertain times and uncover opportunities that may arise.
Has the value of my property been affected by the current situation?
The current pandemic has affected markets across the globe, with very few sectors surviving the turbulence unscathed.
With regards to property values, the impact understandably differs among property types. The best avenue is to engage a professional Property Valuer to ascertain your properties current value. This will also be useful for refinancing purposes particularly while interest rates are expected to remain low.
I want to save on my property tax. How can I do this?
Saving on property tax has always been front of mind for many people. However, the desire for it during this climate has understandably been amplified. Here are some ways you can save on your property tax:
Residential and Industrial
If the rental of the premises has been reduced as a result of the market situation, we suggest you inform IRAS in a timely manner to ensure the Annual Value can be revised downwards and property tax reduced accordingly.
Provide regular updates on the tenancy, particularly when there is a downward revision of rent. During this period, landlords are given 100% property tax rebate and will have to pass this rebate to the tenants.
Saving on office property tax is similar to retail, however landlords are given only 30% property tax rebate and will have to pass this rebate to the tenants.
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I want to have my property valued now, but there are still restrictions in play. Can you still value my property?
Yes, absolutely! As we all continue to embrace new ways of communicating, Colliers has introduced virtual property valuation measures.
We are conducting real-time inspections via WhatsApp or Facetime video calls with our Colliers experts. In addition to the virtual inspection, we will also require photographs of your premises as well as floor plans and floor areas for landed properties.
As always, the banks and financial institutions will still require a valuation to confirm the property’s market value before loan can be disbursed.
You may also like more of our 3 Burning Real Estate Questions Answered series on:
Contact our Colliers Editorial team here.