Property tax to increase for most homes in 2023; Government will provide one-off rebate - CNA

SINGAPORE: Property taxes will go up in 2023, following a yearly review of the properties' annual values which is used to compute the tax.

The revision will affect both Housing Board (HDB) flats and private properties.

To mitigate the increase, the Government will provide a one-off 60 per cent property tax rebate for all owner-occupied properties, up to a maximum of S$60. This will be automatically offset against any property tax payable in 2023.

One- and two-room HDB owner-occupiers will continue to pay no property tax next year as their annual values remain below S$8,000, said the Ministry of Finance (MOF) and the Inland Revenue Authority of Singapore (IRAS) in a media release on Friday (Dec 2).

"For the majority of owner-occupiers in other HDB flat types, they will pay between S$30 and S$70 more in property tax compared to 2022, after taking into account the rebate," they added.

The increase in property tax after the rebate will be higher for those who own more expensive properties.

"As announced in Budget 2022, the property tax rates for 2023 will be made more progressive from Jan 1, 2023, with higher-value and non-owner-occupied residential properties being taxed at higher rates," MOF and IRAS said.

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