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Property tax is the single largest source of state and local revenue in the U.S. Communities nationwide rely on this stable funding source to operate local schools, repair roads, staff police and fire departments, maintain parks, and provide other vital services directly benefiting residents and businesses alike.

Property tax is required on all condos because it is a tax on ownership, not occupancy. Regardless of whether the unit is lived in, rented, or vacant, the owner must pay taxes to the local authorities. The amount is typically determined by the assessed value of the condo and applicable local tax rates.

Property tax is payable yearly. At the end of each year, you will receive your property tax bill for the following year. The specific due date is indicated on this bill, while for any ad-hoc property tax notices issued by IRAS, payment is required within one month from the notice date.

Property tax is the primary funding source for essential local services, with revenues channeled directly into maintaining public schools, funding fire protection services, operating community libraries, and developing park facilities that collectively serve residents' fundamental needs.

Property tax is a levy, or fee, that is charged by local governments on real estate and sometimes personal property. The process involves local officials, called assessors, determining the taxable value of properties. That value is then multiplied by a tax rate set by local authorities to determine the amount the owner owes.