Chee Hong Tat on annual value of HDB flats
All HDB flats had an annual value (AV) of below S$13,000 in 2022. AVs are set based on market rents in the preceding year. As rents rose sharply in 2022, there are now about 430,000 or 40 per cent of HDB flats with an AV of S$13,000 or more. About 36,000 resident households with zero monthly household income from work live in such flats, based on estimates from the Department of Statistics. The AVs of 2022 are still being used to determine eligibility for social support schemes. The Ministry of Finance is reviewing the AV thresholds to ensure that Singaporeans in need can receive appropriate support. Senior Minister of State for Finance Chee Hong Tat said this in Parliament on Thursday (Jul 6) in reply to an MP’s questions.
All HDB flats had an annual value (AV) of below S$13,000 in 2022. AVs are set based on market rents in the preceding year. As rents rose sharply in 2022, there are now about 430,000 or 40 per cent of HDB flats with an AV of S$13,000 or more. About 36,000 resident households with zero monthly household income from work live in such flats, based on estimates from the Department of Statistics. The AVs of 2022 are still being used to determine eligibility for social support schemes. The Ministry of Finance is reviewing the AV thresholds to ensure that Singaporeans in need can receive appropriate support. Senior Minister of State for Finance Chee Hong Tat said this in Parliament on Thursday (Jul 6) in reply to an MP’s questions.
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