Property tax rates for both owner-occupied and non-owner-occupied residential properties will go up in 2 steps starting from 2023. The move appears to be manageable as the steeper increase is for high-end properties owned by the affluent. For investment properties, the increase is up to $1,400 in annual taxes for condominiums in central locations which landlords could hike rents to offset the higher tax payable.
The property taxes came soon after a fresh round of cooling measures introduced in December 2021, which included higher Additional Buyers’ Stamp Duty payable for Singaporeans and Singapore Permanent Residents purchasing their second and subsequent properties.
Key Points:
- Property tax rates for residential properties revised in 2 steps starting 2023
- Tax rate for non-owner-occupied residential properties will rise to 12 to 36 per cent
- Tax rate for owner-occupied residential properties will increase for portion of annual value over $30,000
Please follow and like us:
