Notice published by the Inland Revenue Department on 14 June 2012
INLAND REVENUE DEPARTMENT

Property Tax - Obligations of Property Owners

Property tax is charged on the owner by reference to the actual rent receivable
(including lease premium) in the year of assessment. Owners in receipt of rental income must inform this Department in writing if they are liable to tax and supply the particulars of the property not later than 4 months after the end of the basis period for the year of assessment (e.g. on or before 31 July 2012 for the year of assessment 2011/2012), unless they have already received the Returns.

A Return issued by the Department should be completed for official record updating
purpose even if the property is solely and exclusively occupied by the owner or someone else without consideration. The owners should report the rental income in the appropriate Returns and furnish them to the Department within the time limit stipulated.