Increased Property Tax rates for residential properties
Based on the Annual Value (AV), property tax will be revised based on the Annual Value (AV) of the property, affecting both owner-occupied and non-owner-occupied residential properties.
AV is based on the estimated annual rental income determined by the Inland Revenue Authority of Singapore (IRAS). While the majority of HDB homes in Singapore will not reach an AV of S$30,000 (with most averaging below S$10,000), we would see a more significant impact on properties at the high end.
Owner-occupied residential property
Homes with annual values of less than S$30,000, such as HDB flats and condos, as well as landed properties in the suburbs, are not affected by the hike in property taxes.
Property taxes will, however, be revised for the portion of annual value over S$30,000.
The following table shows the revised tax rate for owner-occupied residential property:
| Annual Value | Tax rate w.e.f 1 Jan 2023 | Tax rate w.e.f 1 Jan 2024 |
| First $8,000 | 0% | 0% |
| Next $22,000 | 4% | 4% |
| First $30,000 | – | – |
| Next $10,000 | 5% | 6% |
| First $40,000 | – | – |
| Next $15,000 | 7% | 10% |
| First $55,000 | – | – |
| Next $15,000 | 10% | 14% |
| First $70,000 | – | – |
| Next $15,000 | 14% | 20% |
| First $85,000 | – | – |
| Next $15,000 | 18% | 26% |
| First $100,000 | – | – |
| Above $100,000 | 23% | 32% |
Non-owner occupied residential property
In general, all non-owner-occupied residential properties, including investment properties, will face higher taxes of 12% to 36%, up from 10% to 20% currently. The increase will be most pronounced for properties at the top end of the market.
From 2023 onwards, non-owner occupied property tax rates will also be reduced to the following 3 tiers:
| Annual Value | Tax rate w.e.f 1 Jan 2023 | Tax rate w.e.f 1 Jan 2024 |
| First S$30,000 | 11% | 12% |
| Next S$15,000 | 16% | 20% |
| First S$45,000 | – | – |
| Next S$15,000 | 21% | 28% |
| First S$60,000 | – | – |
| Above S$60,000 | 27% | 36% |