SINGAPORE: The government will provide a one-off property tax rebate of up to 20 per cent in 2025 for owner-occupied residential properties, the Ministry of Finance (MOF) and Inland Revenue Authority of Singapore (IRAS) announced on Friday (Nov 29).
All owner-occupied Housing and Development Board (HDB) flats will get a property tax rebate of 20 per cent. Owner-occupied private residential properties will get a 15 per cent rebate, capped at S$1,000 (US$746).
The government previously announced at Budget 2024 in February that it would raise the annual value (AV) bands for owner-occupied properties from Jan 1, 2025.
The lowest AV band threshold will be raised from S$8,000 to S$12,000. The highest threshold will increase from over S$100,000 to over S$140,000. Corresponding adjustments will be made to bands in between.
This means that home owners can expect to pay the same or lower property taxes at each band, assuming that there is no change in their AVs and before any rebate.
With the revision of the first AV band, all one- and two-room HDB flats will continue not to pay property tax in 2025.
All other HDB flats will continue to be taxed at 4 per cent for the portion of the AV above S$12,000, said MOF and IRAS.
