One-time property tax rebate of up to 20% for owner-occupiers in 2025 to cushion cost-of-living pains
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The government will give a one-off property tax rebate of up to 20 per cent for owner-occupied residential properties in 2025, said the Ministry of Finance (MOF) and Inland Revenue Authority of Singapore (IRAS) on Friday (Nov 29). Owners of HDB flats wilOne-time property tax rebate of up to 20% for owner-occupiers in 2025 to cushion cost-of-living pains
The government will give a one-off property tax rebate of up to 20 per cent for owner-occupied residential properties in 2025, said the Ministry of Finance (MOF) and Inland Revenue Authority of Singapore (IRAS) on Friday (Nov 29). Owners of HDB flats will receive a 20 per cent rebate, while owners of private residential properties will get a 15 per cent rebate capped at $1,000. In addition to the rebate, the Annual Value (AV) bands of owner-occupied properties will be raised come Jan 1, 2025 — a move announced during Budget 2024. The AV is the estimated rent a property can fetch in a year if rented out, and is also used to calculate property tax. Owner-occupied properties have lower tax rates. The lowest AV band threshold will be raised from $8,000 to $12,000, while the highest threshold will see an increase from over $100,000 to over $140,000. Corresponding adjustments will be made to bands in between. With these measures, all owner-occupied HDB flats and 90 per cent of owner-occupied private residential properties will pay less property tax in 2025.