Property tax to increase for most homes in 2023; Government will provide one-off rebate & More Trending News

SINGAPORE: Property taxes will go up in 2023, following a yearly evaluate of the properties’ annual values which is used to compute the tax.

The revision will have an effect on each Housing Board (HDB) flats and personal properties.

To mitigate the increase, the Government will provide a one-off 60 per cent property tax rebate for all owner-occupied properties, up to a most of S$60. This will be routinely offset in opposition to any property tax payable in 2023.

One- and two-room HDB owner-occupiers will proceed to pay no property tax subsequent 12 months as their annual values stay under S$8,000, stated the Ministry of Finance (MOF) and the Inland Revenue Authority of Singapore (IRAS) in a media launch on Friday (Dec 2).

“For the majority of owner-occupiers in other HDB flat types, they will pay between S$30 and S$70 more in property tax compared to 2022, after taking into account the rebate,” they added.

The increase in property tax after the rebate will be increased for those that personal costlier properties.

“As announced in Budget 2022, the property tax rates for 2023 will be made more progressive from Jan 1, 2023, with higher-value and non-owner-occupied residential properties being taxed at higher rates,” MOF and IRAS stated.

Property tax to increase for most homes in 2023; Government will provide one-off rebate

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Property tax to increase for most homes in 2023; Government will provide one-off rebate

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Property tax to increase for most homes in 2023; Government will provide one-off rebate

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