Olloi Research: Higher property taxes for most homeowners from 2023

SINGAPORE (EDGEPROP) - Property taxes will go up in 2023, with an upward revision of annual values for most residential properties. A property’s annual value, which is used to compute property tax payable by the property owner, is defined by the Inland Revenue Authority of Singapore (IRAS) as the estimated gross annual rent of the property, assuming the property is rented out. A Dec 2 media release by the Ministry of Finance (MOF) and IRAS states that annual values for most residential properties, including private property and HDB flats, will be revised from Jan 1, 2023. The revision is part of IRAS’s annual review and reflects the rise in market rents. “Since the last revision of annual values on Jan 1, 2022, market rents of HDB flats and private residential properties have risen by more than 20%,” the release adds.

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2023 Property tax payable for owner-occupied Home owners

Meanwhile, Tricia Song, CBRE’s head of research, Southeast Asia, says that the higher annual values follow an increase in property tax rates unveiled in February as part of the Budget 2022 announcement. The increase, which will take place in two steps starting from 2023, is expected to largely impact higher-end properties with annual values exceeding $60,000. “With this increase in tax rates and annual values, it will further cream off the rental gains so far for investors or non-occupier homeowners," she says.

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