Property tax is the tax owner of property (landlords). In each year of assessment, property tax is based on the net assessable value of properties to the standard rate (15%) to calculate. In addition to the rent, the landlord has no other income, the annual rental is the assessable value. All rents received and receivable should be included in the assessable value when calculating the tax.
As indicated, if the tenant who pay rates, the assessable value minus two years rental (when expenditures for the repair and the standard allowance), the balance is the net assessable value. If the owners pay rates, assessment rates is the amount paid when the amount is cut, then two percent of the balance when the repair and allowance for expenses to calculate the net assessable value.
As the landlord enjoy a 20% standard rate allowance deduction, it no longer raise actual expenditures. So for rent, building renovation costs, rental costs, building management fees, insurance and mortgage loan interest shall be disallowed.
Those qualified and have chosen to pay tax through personal income tax method, it may, when calculating the owners' personal income tax, the claimed deductions for the purchase of property and mortgage loan interest payments.
If the year of assessment is made on 1 April to 31 March of the following year, according to "IRO", each jointly or co-property owners have a duty to declare the rental income on tax returns and pay property taxes, it is the sole responsibility of the property owners to bear basically the same.
The law requires you to keep sufficient records of leasing. The record must be retained for seven years so that the assessable value of the property should be readily ascertained.