Increase in property tax in Singapore
Owner occupied residential tax rates in Singapore
From 2023 to 2024, the government will increase the marginal tax rates for non-owner-occupied residential properties and for owner-occupied residential properties. The rates are illustrated below:
| Annual value | Effective January 1, 2023 (%) | Effective January 1, 2024 (%) |
| First S$8,000 | 0 | 0 |
| Next S$22,000 | 4 | 4 |
| Next S$10,000 | 5 | 6 |
| Next S$15,000 | 7 | 10 |
| Next S$15,000 | 10 | 14 |
| Next S$15,000 | 14 | 20 |
| Next S$15,000 | 18 | 26 |
| Above S$100,000 | 23 | 32 |
| Annual Value (S) | Effective 1 Jan 2023 | Property Tax Payable ($) | Effective 1 Jan 2024 | Property Tax Payable ($) |
|---|---|---|---|---|
| First 8,000 | 0% | 0 | 0% | 0 |
| Next 22,000 | 4% | 880 | 4% | 880 |
| First 30,000 | – | 880 | – | 880 |
| Next 10,000 | 5% | 500 | 6% | 600 |
| First 40,000 | – | 1,380 | – | 1,480 |
| Next 15,000 | 7% | 1,050 | 10% | 1,500 |
| First 55,000 | – | 2,430 | – | 2,980 |
| Next 15,000 | 10% | 1,500 | 14% | 2,100 |
| First 70,000 | – | 3,930 | – | 5,080 |
| Next 15,000 | 14% | 2,100 | 20% | 3,000 |
| First 85,000 | – | 6,030 | – | 8,080 |
| Next 15,000 | 18% | 2,700 | 26% | 3,900 |
| First $100,000 | – | – | ||
| Above 100,000 | 23% | 8,730 | 32% | 11,980 |
Non owner occupied residential tax rates in Singapore
| Annual Value ($) | Effective 1 Jan 2023 (%) | Property Tax Payable ($) | Effecive 1 Jan 2024 (%) | Property Tax Payable ($) |
|---|---|---|---|---|
| First 30,000 | 11 | 3,300 | 12 | 3,600 |
| Next 15,000 | 16 | 2,400 | 20 | 3,000 |
| First 45,000 | – | 5,700 | – | 6,600 |
| Next 15,000 | 21 | 3,150 | 28 | 4,200 |
| First 60,000 | – | – | ||
| Above 60,000 | 27 | 8,850 | 36 | 10,800 |
