SINGAPORE: Property taxes will go up in 2023, following a review of the properties' annual values that are used to calculate the tax.
The revision will affect both Housing Board HDB flats and private properties.
The Government will give a 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.
According to a media release on Friday December 2, owners and two-room HDB flat types will pay no property tax next year as their annual values remain below S $8,000, the Ministry of Finance MOF and the Inland Revenue Authority of Singapore IRAS said.
The increase in property tax will be higher for those who own more expensive properties after the rebate.
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.