Property taxes for most home owners will go up in 2024 because of higher market rents and annual values for most residential properties, as well as an increase in property tax rates for higher-value private homes.
But the Government will provide a one-off rebate of up to 100 per cent for all owner-occupied homes to help cushion the impact of the tax increase amid cost-of-living concerns, the Ministry of Finance (MOF) and Inland Revenue Authority of Singapore (Iras) said in a statement on Nov 30.
The annual value of Housing Board flats and most private residential properties will be raised from Jan 1, as part of Iras’ yearly review of properties to calculate how much taxes should be paid, the authorities said.
A property’s annual value is its estimated yearly rent if it were to be rented out, and is determined based on market rents of comparable properties and other factors.
The annual value is assessed for the purpose of property taxes, which are Singapore’s primary means of taxing wealth and are paid yearly.
Iras monitors market rental trends to determine the annual value of properties. Since the last revision of annual values on Jan 1, 2023, market rents have increased by about 20 per cent for HDB and private residential properties, said MOF.
As announced in Budget 2022, the second and final step of property tax rate increases will also take effect from Jan 1, with steeper hikes for higher-end properties.
Those who own expensive private property will feel the brunt of the revision, particularly owners of properties bought for investment.
The property tax rate increase will affect only residential properties not occupied by their owners and owner-occupied homes with an annual value of more than $30,000. All owner-occupied HDB flats are not affected.
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