Govt to provide one-off property tax rebate for all owner-occupied homes in 2025
The government will provide a one-off property tax rebate for all owner-occupied homes in 2025, said the Ministry of Finance (MOF) and Inland Revenue Authority of Singapore in a joint statement on 29 November.
Owner-occupied HDB flats will receive a 20% rebate while owner-occupied private residential properties will get a 15% rebate (capped at $1,000).
The government said the rebate will automatically offset any property tax payable.
It was previously announced at Budget 2024 that annual value bands would be raised for owner-occupied homes with effect from 1 January 2025.
Annual value bands are the estimated rent a property can fetch in a year. Property tax is calculated based on annual value bands.
“As a result of both changes, all owner-occupied HDB flats and over 90% of owner-occupied private residential properties, will see lower property tax in 2025. This will help Singaporeans mitigate cost-of-living concerns,” said MOF and IRAS in a joint statement.
There is no property tax in 2025 for 1-room and 2-room HDB flats.