In the Singapore Budget 2022, the government will increase the property tax rates for residential properties in two stages over 2023 and 2024, with properties at the higher end seeing steeper hikes.

 

Starting on 1 Jan next year, the tax rates for owner-occupied residential properties will increase from the current 4%-16% to 5-23%. Another year later, on 1 Jan 2024, they will be raised again to 6-32%.

In case you’re wondering, the Annual Value of a property is the estimated annual rent of the property if it were to be rented out.

 

As for the property tax rates for non owner occupied residential properties, they’d be raised from the current 10-20% to 11-27% starting next year 1 Jan, and then to 12-36% on 1 January 2024.

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