Property tax is the primary means of taxing wealth in Singapore. In last year’s Budget, property tax rates were raised for higher-end owner-occupied residential properties with annual values above S$30,000 in 2023 and 2024. This affects fewer than one in 10 owner-occupied residential properties. The median property tax for owner-occupied private residential properties grew at around seven per cent from 2020 to 2023, both within and outside the central region. Senior Minister of State for Finance Chee Hong Tat shared these details in response to MPs’ questions in Parliament on Friday (Mar 3). Addressing the issue of elderly retirees living in private property who may face financial difficulties, Mr Chee said the Government is committed to supporting retirees - not by lowering property tax rates but in other ways, such as through the Assurance Package.
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