The rebates will mean all owner-occupied HDB flats and over 90 per cent of owner-occupied private residential properties will see a lower tax bill in 2025. - ST
SINGAPORE: A one-off property tax rebate will be provided for all owner-occupied homes in 2025, a move the Government said will ease cost-of-living concerns from homeowners.
Owner-occupied Housing Board flats will receive a 20 per cent rebate, while owner-occupied private residential properties will get a 15 per cent rebate – capped at S$1,000, said the Ministry of Finance and Inland Revenue Authority of Singapore in a joint statement on Friday (Nov 29).
The rebates together with the changes to annual value bands for owner-occupied homes that will kick in from 2025, will mean all such HDB flats and over 90 per cent of such private residential properties will see a lower tax bill next year.
The Government had previously announced during the Budget in 2024 that it was raising the annual value bands for owner-occupied homes from Jan 1, 2025.
Property tax is calculated based on a property’s annual value, which is the estimated rent a property can fetch in a year if rented out.
Under the changes, the annual value threshold for zero per cent tax for owner-occupied homes will be raised from $8,000 to $12,000, on Jan 1.
This will mean that all one-and-two-room HDB flats will continue not to pay property taxes in 2025.
For other HDB flats, property tax will continue to be calculated at a marginal rate of 4 per cent for the portion of annual value above $12,000.
The one-off rebate will automatically offset any property tax payable. - The Straits Times/ANN
