Singapore property tax for most homes to increase in 2024

Property tax (PT) in Singapore is set to go up as the annual values (AV) of Housing and Development Board (HDB) flats and most private residential properties will increase with effect from 1 January 2024.

Property tax (PT) in Singapore is set to go up as the annual values (AV) of Housing and Development Board (HDB) flats and most private residential properties will increase with effect from 1 January 2024.

Used to compute the property tax payable by property owners, the AC increase is to reflect the rise in market rents.

In a statement on Thursday (30 November), the Inland Revenue Authority of Singapore (IRAS) also noted that in addition, as announced at Budget 2022, the second- and final-step of a previously announced property tax rate increase will take effect from 1 January 2024. "The property tax rate increase will only affect non-owner-occupied residential properties, and owner-occupied residential properties with an AV of more than $30,000," IRAS said. This means that all owner-occupied HDB flats will not be affected.

To cushion the impact of the PT increases, amid concerns about higher cost of living, the government will provide a one-off PT rebate of up to 100 per cent for all owner-occupied residential properties. "The rebate is tiered to ensure that our PT regime remains progressive, and those with greater means pay their fair share of taxes," IRAS said.