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Singapore

Government to provide one-time property tax rebate of up to 20% for owner-occupied homes in 2025

Almost all home owners who live in their HDB flats or private residential properties will pay lower property tax in 2025.

Government to provide one-time property tax rebate of up to 20% for owner-occupied homes in 2025

HDB flats in Singapore. (File photo: CNA/Jeremy Long)

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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. 

Property taxes are calculated based on AVs, which are based on the estimated yearly rent if a property was rented out.

Owner-occupied homes - where the owner lives in the property - pay lower tax rates.

As a result of the rebates and changes to the AV bands, all owner-occupied HDB flats and 90 per cent of owner-occupied private residential properties will see lower property tax in 2025, said MOF and IRAS.

“This will help Singaporeans mitigate cost-of-living concerns,” the authorities added.

All property owners will receive their 2025 property tax bills from December. The bills are sent out in batches, and some property owners may receive them earlier than others, said MOF and IRAS. 

Home owners will receive SMS or email notifications from IRAS about the tax bill and payment due date. They can also log in to myTax Portal on the IRAS website to check.

"Property owners are encouraged to apply for GIRO to enjoy up to 12-month interest-free instalments or opt for a one-time deduction," said the authorities.

Those facing financial difficulties can approach IRAS for assistance to discuss a suitable payment plan before the payment due date.

Source: CNA/hw(mi)

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