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 valueEffective January 1, 2023 (%)Effective January 1, 2024 (%)
First S$8,00000
Next S$22,00044
Next S$10,00056
Next S$15,000710
Next S$15,0001014
Next S$15,0001420
Next S$15,0001826
Above S$100,0002332
Annual Value (S)Effective 1 Jan 2023Property Tax Payable ($) Effective 1 Jan 2024Property Tax Payable ($)
First 8,0000%00%0
Next 22,0004%8804%880
First 30,000880880
Next 10,0005%5006%600
First 40,0001,3801,480
Next 15,0007%1,05010%1,500
First 55,0002,4302,980
Next 15,00010%1,50014%2,100
First 70,0003,9305,080
Next 15,00014%2,10020%3,000
First 85,0006,0308,080
Next 15,00018%2,70026%3,900
First $100,000
Above 100,00023%8,73032%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 30,000113,300123,600
Next 15,000162,400203,000
First 45,0005,7006,600
Next 15,000213,150284,200
First 60,000
Above 60,000278,8503610,800