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Singapore property tax for most homes to increase in 2024, government to give up to 100% rebate

IRAS said that for 2024, all owner-occupied HDB flats in Singapore will not be affected by a property tax rate increase.

Back view of Asian heterosexual couple celebrating the purchase of their new home, illustrating a story on property tax.
Singapore property tax for most homes to increase in 2024 with the government to give up to 100% rebate. (PHOTO: Getty) (Koh Sze Kiat via Getty Images)

SINGAPORE – 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 PT 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 PT rate increase will take effect from 1 January 2024.

"The PT 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.

Government rebate to help cushion property tax increase

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.

The PT rebates for owner-occupied residential properties are as below:

Property Type

Property Tax Rebate

1- and 2-room HDB flat

100 per cent

3-room HDB flat

70 per cent

4-room HDB flat

50 per cent

5-room HDB flat

40 per cent

Executive HDB

30 per cent

Private property

15 per cent; capped at S$1,000

Additionally, the government will also be raising the AV thresholds for social support schemes from January 2024.

"With the PT rebate, all one- and two-room HDB owner-occupiers will continue to pay no PT in 2024. For owner-occupiers in other HDB flat types, the rebate will be automatically offset against any PT payable, with an average PT increase of less than $3 per month in 2024," IRAS added.

For private property owner-occupiers, the rebate will similarly be automatically offset against any PT payable. The bottom half of private property owner-occupiers will experience a PT increase of less than S$15 per month, IRAS said. "The increase in PT will be higher for those with higher value properties."

IRAS reminder to pay property tax promptly

All owners of Singapore property will receive their PT bills before the end of December 2023. "IRAS would like to remind all property owners to pay their 2024 PT by 31 January 2024," IRAS said. "There will be a 5 per cent penalty imposed for property owners who fail to pay or have not arranged to pay their taxes via GIRO instalments by the due date."

IRAS encouraged property owners to join GIRO to enjoy up to 12 interest-free monthly instalments or opt for a one-time deduction.

Property owners facing financial difficulties may approach IRAS for assistance to discuss a suitable payment plan before 31 January 2024. Property owners can appeal for a longer payment plan via the 'Apply for Payment Plan' e-Service at myTax Portal using their Singpass or Singpass Foreign User Account.

Property owners may also contact IRAS at 1800 356 8300.

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