Property Tax Increment on Non-Owner-Occupied Properties to Address Wealth Inequality

Parliamentary Question by Mr Shawn Loh:

To ask the Prime Minister and Minister for Finance (a) whether the Government has any further plans to increase property taxes on non-owner occupied properties, in order to address wealth inequality; and (b) if so, what are the considerations for these plans.

Parliamentary Reply by Senior Minister of State for Finance, Mr Jeffrey Siow:

Non-owner-occupied residential properties are subject to higher property tax rates as they are mainly investment properties.

To enhance the progressivity of our property tax system, we increased non-owner-occupier residential tax rates in 2023 and 2024, from 10% to 20% to the current 12% to 36%.

We will continue to review our property taxes to maintain a progressive and fair system of taxes and transfers.