Press Releases
All Owner-Occupied HDB Flats and Over 90% of Owner- Occupied Private Residential Properties Will See Lower Property Tax Bills in 2025
Topics
Tax-Related (Property Tax)
29 November 2024
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- One-off Property Tax rebate for all owner-occupied residential properties in 2025
- Revision of Annual Value bands as previously announced at Budget 2024
- All one- and two-room HDB flats will continue to pay no Property Tax in 2025
The Government will provide a one-off Property Tax (PT) rebate of 20% for Owner-Occupied (OO) HDB flats, and 15%, capped at $1,000, for OO private residential properties in 2025. The rebate will automatically offset any PT payable.
2 In addition to the rebate, the Government previously announced at Budget 2024 that all Annual Value (AV) bands of the OO residential PT rates would be raised with effect from 1 January 2025. Homeowners can thus expect to pay the same or lower property taxes at each band, assuming that there is no change in their AVs and before any rebate.
3 As a result of both changes, all OO HDB flats and over 90% of OO private residential properties, will see lower PT in 2025. This will help Singaporeans mitigate cost-of-living concerns.
Revision of Annual Value Bands for Owner-Occupier Residential Tax Rates
4 PT is calculated based on a property’s AV, which is the estimated rent a property can fetch in a year if rented out.
5 At Budget 2024, the Government announced that all AV bands of the OO residential PT rates would be adjusted from 1 January 2025 to account for significant increases in residential AVs over the last two years. With the revision of the first AV band from $8,000 to $12,000, all one- and two-room HDB flats will continue not to pay PT in 2025. All other HDB flats will continue to be taxed at the marginal tax rate of 4% (for the portion of AV above $12,000).
6 OO residential properties will continue to enjoy lower tax rates than residential properties not used as homes by their owners. Please see Annex A for the revised OO residential PT schedule that will take effect from 1 January 2025.
2025 Property Tax Rebate and Property Tax Payable for Owner-Occupied Residential Properties
7 The 2025 PT rebate for all OO residential properties is shown below.
Table 1: 2025 Property Tax Rebates for Owner-Occupied Residential Properties
Table caption
HDB Flat | Private Property |
|---|---|
20% | 15% capped at $1,000 |
8 With the PT rebate and revision of AV bands, all HDB owner-occupiers can expect lower PT bills in 2025, with the rebate automatically offset against any PT payable.
Table 2: Average Property Tax Payable in 2024 and 2025 based on flat types
Table caption
HDB Flat Type | Average Property Tax Payable in 2024 | Average Property Tax Payable in 2025 |
|---|---|---|
3-room flat | $4.10 per month | $1.90 per month |
4-room flat | $12.80 per month | $11.95 per month |
5-room flat | $17.90 per month | $15.40 per month |
Executive flat* | $22.30 per month | $17.15 per month |
*This does not include Executive Condominiums.
9 For private property owner-occupiers, more than 90% will see lower PT in 2025 after the PT rebate and revision of AV bands.
Property Owners to View PT Bills via SMS and/or Email or on myTax Portal
10 All property owners will receive their 2025 PT bills from December 2024 onwards. As IRAS sends out tax bills in batches, some property owners may receive them earlier than others.
11 IRAS would like to remind all property owners to pay their 2025 PT by the due dates specified in their tax bills. Please check your SMS and/or email notifications from IRAS or log in to myTax Portal to view your tax bill and payment due date. A 5% late payment penalty will be imposed for those who fail to pay or have not set up GIRO instalments by the due date.
12 Property owners are encouraged to apply for GIRO to enjoy up to 12-month interest-free instalments or opt for a one-time deduction. Individual taxpayers may apply for eGIRO via myTax Portal to set up their GIRO arrangement within minutes. In addition, eligible retirees may apply for the Extended GIRO Scheme for Residential Property (Retirees), which provides a longer instalment plan of up to 24 months for PT payment.
13 Property owners facing financial difficulties may approach IRAS for assistance to discuss a suitable payment plan before the payment due date. They can apply for a longer payment plan via the ‘Apply/Manage GIRO Plan’ digital service at myTax Portal using Singpass or Singpass Foreign User Account. More information on 2025 PT bills can also be found on IRAS’ website.
Issued by:
Ministry of Finance
Inland Revenue Authority of Singapore
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[1] Individual taxpayers who have bank accounts with DBS/POSB, UOB, OCBC, Citibank, HSBC, Maybank or Bank of China can apply for GIRO via myTax Portal and receive instant approval. GIRO instalment plan will be activated within 1 to 3 working days from date of approval.
[2] Eligibility criteria for the Extended GIRO Scheme for Residential Property (Retirees):
All owners of the property are aged 65 or above; and
The applicant must owner-occupy the residential property (i.e. live in the property they own); and
The applicant’s Assessable Income (“AI”) must not exceed $34,000 (based on latest tax assessment available).
ANNEX A: Progressive Property Tax Rates for Owner-Occupied Residential Properties
Owner-Occupier Residential Tax Rates | Portion of Annual Value | |
|---|---|---|
From 1 Jan 2024 to 31 Dec 2024 | From 1 Jan 2025 onwards | |
0% | $0 - $8,000 | $0 - $12,000 |
4% | >$8,000 - $30,000 | >$12,000 - $40,000 |
6% | >$30,000 - $40,000 | >$40,000 - $50,000 |
10% | >$40,000 - $55,000 | >$50,000 - $75,000 |
14% | >$55,000 - $70,000 | >$75,000 - $85,000 |
20% | >$70,000 - $85,000 | >$85,000 - $100,000 |
26% | >$85,000 - $100,000 | >$100,000 - $140,000 |
32% | >$100,000 | >$140,000 |