One-off property tax rebate for owner-occupied residential properties in 2025
18 December 2024
On 29 November 2024, the Ministry of Finance (“MOF”) announced that the Government will provide a one-off property tax (“PT”) rebate of 20% for owner-occupied (“OO”) HDB flats, and 15%, capped at S$1,000, for OO private residential properties in 2025. The rebate will automatically offset any PT payable. 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.
Following both changes, all OO HDB flats and over 90% of OO private residential properties, will pay lower PT in 2025.
2025 property tax rebate
The 2025 PT rebate for all OO residential properties is shown below.
|
HDB flat |
Private property |
|
20% |
15% capped at S$1,000 |
Revision of annual value bands for OO residential tax rates from 1 January 2025
PT is calculated based on a property’s AV, which is the estimated rent a property can fetch in a year if rented out. 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.
The following table sets out the revised OO residential PT schedule that will take effect from 1 January 2025.
|
Owner-occupier residential tax |
Portion of AV |
|
|
From 1 January 2024 to |
From 1 January 2025 |
|
|
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 |
Reference materials
The press release is available on the MOF website www.mof.gov.sg.