Property Tax Rebate Announced! More Rebates Explained!

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 aim to ease cost-of-living pressures, with all HDB flats and 90% of private residential properties seeing reduced taxes in 2025. Property owners will receive their tax bills starting December. Notifications will be sent via SMS or email, and bills can be viewed on the myTax Portal.

To facilitate payments, owners are encouraged to use GIRO for up to 12 months of interest-free instalments or opt for a one-time deduction. Those facing financial hardship can contact IRAS for payment assistance.

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