Owner-occupiers of one-room and two-room HDB flats will continue not having to pay property tax in 2024.

(Photo: CNA/Jeremy Long)

SINGAPORE: With property taxes for most homes set to rise once more next year, the government will provide a one-off rebate of up to 100 per cent to cushion the impact on affected property owners amid cost-of-living concerns.

The rise in taxes involve both Housing Board (HDB) flats and private properties.

Property taxes will go up as market rents and annual values for most residential properties have risen, while property tax rates have also increased for higher-value private residential properties, said the Ministry of Finance (MOF) and the Inland Revenue Authority of Singapore (IRAS) on Thursday (Nov 30).

The one-off rebate of up to 100 per cent applies to all owner-occupied residential properties.

The rebate will be tiered “to ensure that our property tax regime remains progressive, and those with greater means pay their fair share of taxes”, said MOF and IRAS.

Property taxes for most homes similarly went up in 2023 following a yearly review of properties’ annual values, which are used to compute the tax payable by property owners. The government provided a one-off 60 per cent rebate for all owner-occupied properties then, up to a maximum of S$60 (US$45).

The annual values of HDB flats and most private residential properties will increase with effect from Jan 1, 2024 to reflect the rise in market rents, said MOF and IRAS.

Tang, L. (2023, December 1). Property tax to go up for most homes again in 2024; government will give one-off rebate of up to 100%. CNA. https://www.channelnewsasia.com/singapore/property-tax-increase-government-one-rebate-mof-iras-3955931