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2022 Property Tax Singapore Guide: How to Calculate Property Tax for HDB and Condo

PropertyGuru Editorial Team
2022 Property Tax Singapore Guide: How to Calculate Property Tax for HDB and Condo
When you own a property in Singapore, you are automatically required to pay property taxes. These taxes differ from your income tax, rental tax and stamp duty. Income taxes are taxes on your income, rental taxes are only applicable on selected property owners, and stamp duty are charges imposed when you purchase a property.
Property tax, also known as wealth tax, are taxes levied on you for owning a property. Most property owners are however unaware of how these taxes are calculated as the property tax levied changes on a yearly basis. In 2022, most HDB flat owners will have to pay more in property taxes.
Additionally, after the announcement of Budget 2022, property tax rates for homes in Singapore are set to rise from 2023 onwards for both owner-occupied and non-owner occupied residential properties.
Here’s a guide to IRAS property tax rates, calculations, and more.

IRAS Property Tax in Singapore: An Overview

What is property tax?
They are taxes levied on you for owning a property.
What is the property tax rate?
The Property Tax Rate is calculated based on progressive tax rates, and whether the unit is owner-occupied or non-owner occupied.
How to calculate property tax?
Annual Value (AV) x Property Tax Rate = Property Tax Payable
What are the late payment charges for property tax?
There is a 5% penalty charged for late payments.
As mentioned above, property taxes are chargeable to all property owners as long as they own a property.
How IRAS property tax is calculated may differ depending on:
  1. The property’s Annual Value (AV)
  2. The IRAS property tax rates, based on the occupancy status of your property.

How to Calculate Property Tax in Singapore

The IRAS property tax payable is calculated with this formula:

Annual Value (AV) x Property Tax Rate = Property Tax Payable

For example, if the AV of your property is $30,000 and your tax rate is 10%, you would pay $30,000 x 10% = $3,000.
You may also consider using the IRAS property tax calculator.

Property Tax Singapore: Why Is HDB Property Tax Going Up in 2022?

You may have read in the news that HDB property tax is about to rise in 2022. Why?
To clarify, there is no change to the IRAS property tax rate regardless of whether you’re paying owner-occupied property tax or non-owner-occupied taxes (e.g. if you rent out an apartment).
What will go up, though, is the annual value (or AV) of most HDB flats. Your property’s AV is determined by the Inland Revenue Authority of Singapore (IRAS) on a yearly basis.
The Annual Value rates fluctuate based on the market rental value of surrounding properties in the area. Hence when the rental value is up the AV rates will go up, and similarly when the rental value heads south, so will the AV rates.
Since HDB rental prices have gone up, IRAS will revise upwards the annual values of HDB flats by 4 per cent to 6 per cent in 2022.
Regardless of whether you rent out your HDB flat or not, owner-occupiers of 3-room HDB flats and larger will need to pay an estimated $8 to $26 more for their HDB property tax in 2022.
However, with the revision, 1- and 2-room flat owner-occupiers will not be required to pay HDB property tax, along with about a third of 3-room flat owner-occupiers.
For more information on HDB property tax changes in 2022, read HDB owners to face higher property tax next year.

Property Tax Singapore: How Is the Annual Value (AV) Calculated?

The Annual Value is calculated based on the rental value minus reasonable furniture rental and maintenance fees. Let’s take Mr. Chong’s rental unit for example:
Here are the property tax rates for non-owner-occupied properties, effective 1 January 2023:
Monthly rental income: $2,500
Monthly furniture rental: $900
Monthly maintenance: $500
$2,500 – ($900 + $500) = $1,100
So the AV for his unit will be $1,100 x 12 months = $13,200
To make it easier for property tenants, the IRAS will send them a notification every time there is a change to their AV rates. However, property owners can also check the current AV rates at any time from the Inland Revenue Authority of Singapore (IRAS) at any time by logging into their website.
On a side note, if you are purchasing a property, you can check the current and past 5 years AV value of the property from IRAS at $2.50 a search.

IRAS Property Tax Rate: What Is It?

The IRAS Property Tax Rate is calculated based on progressive tax rates, and whether the unit is owner-occupied or non-owner occupied. The progressive tax rates indicate that the higher your property value is, the higher your tax rate will be.

Property Tax Singapore: Owner-occupied Property Tax Rates

If you are an owner-occupier of your home – for example, if you stay in your own HDB flat and want to calculate your HDB property tax next year – the below IRAS property tax rates apply to you.

Current Owner-occupied Property Tax Rates in Singapore

First $8,000
0%
$0
Next $47,000
4%
$1,880
First $55,000
$1,880
Next $15,000
6%
$900
First $70,000
$2,780
Next $15,000
8%
$1,200
First $85,000
$3,980
Next $15,000
10%
$1,500
First $100,000
$5,480
Next $15,000
12%
$1,800
First $115,000
$7,280
Next $15,000
14%
$2,100
Above $130,000
16%
$9,380
Source: IRAS
As you can see, your property’s annual value (and the occupancy status) determine your property tax rate. For example, if your HDB flat has an AV of $36,000, you will be charged 0% on the first $8,000, and 4% on the following $28,000. In total, your HDB property tax adds up to $1,120.

Owner-occupied Property Tax Rates in Singapore (Effective 1 January 2023)

However, with the announcement of Budget 2022, property tax rates for owner-occupied residential properties will be adjusted in 2023, and again in 2024. The hike will affect properties with an annual value of more than $30,000, as well as all non-owner occupied properties.
Here are the property tax rates for owner-occupied properties, effective 1 January 2023:
First $8,000
0%
$0
Next $22,000
4%
$880
First $30,000
$880
Next $10,000
5%
$500
First $40,000
$1,380
Next $15,000
7%
$1,050
First $55,000
$2,430
Next $15,000
10%
$1,500
First $70,000
$3,930
Next $15,000
14%
$2,100
First $85,000
$6,030
Next $15,000
18%
$2,700
First $100,000
$8,730
Above $100,000
23%
Source: IRAS

Owner-occupied Property Tax Rates in Singapore (Effective 1 January 2024)

Here are the property tax rates for owner-occupied properties, effective 1 January 2024:
First $8,000
0%
$0
Next $22,000
4%
$880
First $30,000
$880
Next $10,000
6%
$600
First $40,000
$1,480
Next $15,000
10%
$1,500
First $55,000
$2,980
Next $15,000
14%
$2,100
First $70,000
$5,080
Next $15,000
20%
$3,000
First $85,000
$8,080
Next $15,000
26%
$3,900
First $100,000
$11,980
Above $100,000
32%
Source: IRAS

Property Tax Singapore: Non-owner-occupied Property Tax Rates

If you don’t live in the said property and are renting the entire place out, here are the rates for you:
First $30,000
10%
$3,000
Next $15,000
12%
$1,800
First $45,000
$4,800
Next $15,000
14%
$2,100
First $60,000
$6,900
Next $15,000
16%
$2,400
First $75,000
$9,300
Next $15,000
18%
$2,700
Above $90,000
20%
$12,000
Source: IRAS
Using the same example of $36,000 AV, for non-owner-occupier properties, you will be charged 10% on the first $30,000, and 12% on the next $6,000. That makes your IRAS property tax $3,720 in total.

Non-owner-occupied Property Tax Rates in Singapore (Effective 1 January 2023)

For HDB homeowners, a typical investment route could look like this: buy your HDB flat, save up, buy a condo, rent the condo out, collect rent.
The adjustment in property tax rates and the hike in Additional Buyer’s Stamp Duty (ABSD) rates due to the latest round of property cooling measures may seem like a double whammy to the average property investor.
However, these property tax increases are likely not going to be a major deterrence to those who want to buy non-landed private properties as investment properties.
As a ‘progressive tax scheme’ (which can be perceived as a form of wealth tax), the adjusted property tax will be more significant for those who own high-end or luxury properties.
Here are the property tax rates for non-owner-occupied properties, effective 1 January 2023:
First $30,000
11%
$3,300
Next $15,000
16%
$2,400
First $45,000
$5,700
Next $15,000
21%
$3,150
First $60,000
$8,850
Above $60,000
27%
Source: IRAS

Non-owner-occupied Property Tax Rates in Singapore (Effective 1 January 2024)

Here are the property tax rates for non-owner-occupied properties, effective 1 January 2024:
First $30,000
12%
$3,600
Next $15,000
20%
$3,000
First $45,000
$6,600
Next $15,000
28%
$4,200
First $60,000
$10,800
Above $60,000
36%
Source: IRAS

IRAS Property Tax Calculator Singapore

If all these numbers are confusing you, an easier way to get your property tax rate calculations would be to use the IRAS progressive tax rate calculator.

How to Check for Outstanding IRAS Property Tax

Via Check Property Tax Balance page:

For this, you will need:
  1. Your property address
  2. Your tax reference number (i.e. NRIC/FIN number) OR your property tax reference number

Via mytax.iras.gov.sg Site:

This method allows you to check your past transactions. You will need to log in with your Singpass details to do so.

How to Pay Property Tax in Singapore (Online or Offline)

IRAS has a compilation of ways to pay property tax in Singapore. They include both ways to pay property tax online as well as in person.

Property Tax Singapore: How to Pay Property Tax Online

Pay property tax online at your convenience via GIRO (one-time or 12 instalments), PayNow QR, internet banking, via the AXS app, by internet banking fund transfer, or Telegraphic Transfer (if you do not have a Singapore-based bank account)

Property Tax Singapore: Other Ways to Pay Property Tax

If you don’t want to pay property tax online, you can opt to pay at an AXS machine or SingPost branch.

Obligation to Update IRAS to Avoid Penalties

It is absolutely crucial to update the authorities with any change of information pertaining to your property. Misinformation or failure to inform the relevant authorities will result in a hefty fine.
Here are some of the events that require updating:
  1. Sale or Transfer of Property Ownership
  2. Completion of Demolition of Property
  3. Rental of Property
  4. Increase in Rental Charge
  5. Premium Charge for Letting
  6. Cessation of Owner-Occupation
You may read more about the details here.

Property Tax Singapore: Can We Get Property Tax Rebates?

In 2020, the Singapore government offered property tax rebates to help stimulate the economy during the COVID-19 crisis. However, those property tax rebates are not for residential properties.
Likewise, in 2022, there is no property tax rebate for residential properties. This means you must continue to pay IRAS property tax for your HDB flat, condo, and landed homes.
As seen above, however, as long as you are an occupant in the property, you will enjoy lower owner-occupier property tax rates, which is considered an ongoing property tax relief measure. In addition, if you are an owner-occupier of a 1- or 2-room HDB flat, you do not need to pay IRAS property tax in 2022.
If you are facing financial difficulties, you may approach IRAS for assistance. You may not receive a property tax rebate, but concessions might be made to your payment schedule.

Property Tax Singapore: Exclusion List to Progressive Property Tax Rates

There are selected properties that are exceptions to the property tax rates and have flat property tax rates of only 10%. They will however need to have received planning approval from the Government, but no application to IRAS is necessary.
According to IRAS, the list of exceptions is as below:
  1. Accommodation facilities within any sports and recreational club
  2. Chalet
  3. Child care centre, student care centre, or kindergarten
  4. Welfare home
  5. Hospital, hospice, or place for rehabilitation, convalescence, nursing care or similar purposes
  6. Hotel, backpackers’ hostel, boarding house or guesthouse
  7. Serviced apartment
  8. Staff quarters that are part of any property exempted from tax under s6(6) of the Property Tax Act
  9. Student’s boarding house or hostel
  10. Workers’ dormitory
For the existing 10% tax rate to apply, the property must have received planning approval for the above use. No application to IRAS is required.
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More Queries on Property Tax in Singapore:

These taxes must be paid before 31st January on a yearly basis. For ad-hoc property tax notices, it is due one month from the date of notice. You can pay for it via GIRO, at AXS machines or through internet banking.

There is a 5% penalty charged for late payments. For example, if the date of the Property Tax bill is 15 Dec 2019 (for year 2020 Property Tax) and the tax payable is $1,000, 5% penalty of $50 (i.e. 5% x $1,000) will be imposed if the tax was still not paid before 31 Jan 2020.

Yes, you can appeal online via the myTax Portal if the following conditions are met: You must have paid the overdue tax before the due date in the late payment penalty notice; You must not have been granted a waiver in the past two years, or; You must have paid your property tax on time for the past two years.

If you are facing financial difficulties in paying your property taxes, you can contact the IRAS and put in a request to make your payment via instalments. These cases are however only approved on a case-to-case basis.