Property Tax Rebate for All Owner-Occupied Residential Properties in 2024
Property taxes (PT) for most residential properties will increase in 2024 due to higher market rents and Annual Values (AVs) for most residential properties, and an increase in PT rates for higher-value private residential properties. Owner-occupied residential properties will receive PT rebates to offset the increases in PT.
The AVs of HDB flats and most private residential properties will increase with effect from 1 January 2024 to reflect the rise in market rents.[1] AV is used to compute the Property Tax (PT) payable by property owners. Please see Annex A-Explaining Annual Values for Property Tax Purposes (PDF, 60KB) for more information on how AVs are assessed for property tax.
In addition, as announced at Budget 2022, the second- and final-step of the PT rate increase will take effect from 1 January 2024. The PT rate increase will only affect non-owner-occupied residential properties, and owner-occupied residential properties with an AV of more than $30,000 (i.e. all owner-occupied HDB flats are not affected). Owner-occupied residential properties will continue to enjoy lower PT rates than residential properties that are rented out. Please see Annex B Progressive Property Tax Rates for Residential Properties Effective 1 Jan 2024 (PDF, 65KB) for the property tax rates in 2024.
To cushion the impact of the PT increases, amidst concerns about cost-of-living, the Government will provide a one-off PT rebate of up to 100% for all owner-occupied residential properties as shown below. The rebate is tiered to ensure that our PT regime remains progressive, and those with greater means pay their fair share of taxes.
Table 1: 2024 Property Tax Rebates for Owner-Occupied Residential Properties
| 1 & 2-room flat | 3-room flat | 4-room flat | 5-room flat | Executive HDB | Private property |
|---|---|---|---|---|---|
| 100% | 70% | 50% | 40% | 30% | 15%; capped at $1,000 |
2024 Property Tax Payable for Owner-Occupied Residential Properties
With the PT rebate, all one- and two-room HDB owner-occupiers will continue to pay no PT in 2024. For owner-occupiers in other HDB flat types, the rebate will be automatically offset against any PT payable, with an average PT increase of less than $3 per month in 2024.
Table 2: 2024 Property Tax Payable
| HDB Flat Type | Average Property Tax Payable in 2024 (After Rebate) | Average Increase in Property Tax Payable (After Rebate) |
|---|---|---|
| 3-room flat | $4.10 per month | $1.50 per month |
| 4-room flat | $12.80 per month | $2.40 per month |
| 5-room flat | $17.90 per month | $4.30 per month |
| Executive HDB | $22.30 per month | $6.30 per month |
For private property owner-occupiers, the rebate will similarly be automatically offset against any PT payable. The bottom half of private property owner-occupiers will experience a PT increase of less than $15 per month. The increase in PT will be higher for those with higher value properties.
The Government will also be raising the AV thresholds for social support schemes from January 2024. More information can be found at go.gov.sg/revised-av-thresholds.
Property Owners can pay PT via GIRO with interest-free monthly instalments
All property owners will receive their PT bills before end-December 2023. IRAS would like to remind all property owners to pay their 2024 PT by 31 January 2024. There will be a 5% penalty imposed for property owners who fail to pay or have not arranged to pay their taxes via GIRO instalments by the due date.
Property owners are encouraged to join GIRO to enjoy up to 12 interest-free monthly instalments or opt for a one-time deduction. For example, an average four-room HDB flat owner-occupier whose PT payable amounts to $154.00 this year would pay a monthly instalment of about $12.80. Individual taxpayers who have bank accounts with DBS/POSB, UOB or OCBC can apply for GIRO via Internet Banking and receive instant approval.[2]
Property owners facing financial difficulties may approach IRAS for assistance to discuss a suitable payment plan before 31 January 2024. Property owners can appeal for a longer payment plan via the ‘Apply for Payment Plan’ e-Service at myTax Portal using your Singpass or Singpass Foreign User Account. Property owners may also contact IRAS at 1800 356 8300. More information on 2024 property tax bills can be found on IRAS’ website.
Ministry of Finance
Inland Revenue Authority of Singapore
[1]HDB flat owners may refer to HDB’s website for more information on the median rents of HDB flats. Private property owners may refer to URA’s website.
[2] GIRO instalment plan will be activated within 1 to 3 working days from date of approval.