Owner-occupied Housing Board flats will receive a 20 per cent rebate, while owner-occupied private residential properties will get a 15 per cent rebate, capped at $1,000, said the Ministry of Finance (MOF) and Inland Revenue Authority of Singapore in a joint statement on Nov 29.
The rebates, together with the changes to annual value bands for owner-occupied homes that will kick in from 2025, will mean all such HDB flats and over 90 per cent of such private residential properties will see a lower tax bill in 2025.
The Government previously announced during Budget 2024 that it was raising the annual value bands for owner-occupied homes from Jan 1, 2025.
Property tax is calculated based on a property's annual value, which is the estimated rent a property can fetch in a year if rented out. Annual values have risen in tandem with market rentals of public housing, which have been rising since 2022.
Under the changes, the annual value threshold for zero per cent tax for owner-occupied homes will be raised from $8,000 to $12,000 on Jan 1.
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