The Singapore government will grant a one-time property tax rebate of up to 20% in 2025 for owner-occupied residential properties, as announced by the Ministry of Finance (MOF) and Inland Revenue Authority of Singapore (IRAS) on Nov 29. HDB flat owners will receive a 20% rebate, while private residential property owners will get a 15% rebate, capped at S$1,000. This initiative follows the government's decision in Budget 2024 to adjust annual value (AV) bands for owner-occupied properties starting Jan 1, 2025. The lowest AV band will rise from S$8,000 to S$12,000, and the highest from over S$100,000 to over S$140,000. Corresponding changes will be made to the intermediate bands. As a result, home owners are expected to pay the same or lower property taxes at each band, assuming no change in their AVs before any rebate. One- and two-room HDB flats will remain exempt from property tax, while other HDB flats will be taxed at 4% on the AV portion exceeding S$12,000. The adjustments ai...
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