SINGAPORE: Property taxes will rise in 2023, following an annual review of the annual property values used to calculate the tax.
The revision affects both Housing Board (HDB) and private properties.
To mitigate the increase, the government will provide a one-off 60 percent property tax rebate for all owner-occupied properties, up to a maximum of S$60. This will be automatically deducted from property tax due in 2023.
One- and two-bedroom HDB owner-occupiers will continue to pay no property taxes next year as their annual values remain below S$8,000, the Ministry of Finance (MOF) and Inland Revenue Authority of Singapore (IRAS) said in a press release on Friday (2 December).
“For the majority of owner-occupiers in other HDB flat types, they will pay between S$30 and S$70 more property taxes compared to 2022, taking into account the rebate,” they added.
The property tax increase after the rebate will be higher for those who own more expensive properties.
“As announced in the 2022 budget, property tax rates for 2023 will be made more progressive beginning January 1, 2023, with higher-value and non-owner-occupied properties being taxed at higher rates,” said MOF and IRAS.