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Property Tax Singapore: Property Tax Calculator for HDB Flats and Private Properties (2023)

PropertyGuru Editorial Team
Property Tax Singapore: Property Tax Calculator for HDB Flats and Private Properties (2023)
Note: On 30 November 2023, the Ministry of Finance (MOF) announced a one-off Singapore property tax rebate for all owner-occupied residential properties that will happen in 2024. This is in part to cushion the impact of the upcoming property tax Singapore hike that will come into effect on 1 January 2024.
Property tax, also known as wealth tax, is 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 every year.
If you’re new to property taxes in Singapore, here is a guide to get you started on the terms and latest rates you need to know about.

Contents

Property Tax Singapore (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

Property Tax Calculator Singapore

The IRAS property tax payable is calculated with this formula: 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.
How IRAS property tax is calculated may differ depending on:
  • The property’s AV
  • The IRAS property tax rates, which are based on whether you stay in your property

How to Calculate Annual Value (AV)

AV is calculated based on the rental value minus reasonable furniture rental and maintenance fees.
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 through the IRAS myTax Portal.
On a side note, if you are purchasing a property, you can check the current and past five years AV value of the property from IRAS at $2.50 a search.

Property Tax Singapore: Rate

AV rates fluctuate based on the market rental value of surrounding properties in the area. When the rental value is up, the AV rates will go up. Similarly, when the rental value heads south, so will the AV rates.

Property Tax Singapore: Exclusions

According to IRAS, you are exempt from paying property taxes in Singapore if you own these properties:
  • Accommodation facilities within any sports and recreational club
  • Chalet
  • Child care centre, student care centre, or kindergarten
  • Welfare home
  • Hospital, hospice, or place for rehabilitation, convalescence, nursing care or similar purposes
  • Hotel, backpackers’ hostel, boarding house or guesthouse
  • Serviced apartment
  • Staff quarters that are part of any property exempted from tax under s6(6) of the Property Tax Act
  • Student’s boarding house or hostel
  • Workers’ dormitory
For the existing Singapore property tax rate to apply, the property must have received planning approval for the above use. No application to IRAS is required.

Property Tax Singapore: Rebates

If you are facing financial difficulties, you may approach IRAS for assistance. You may not receive a property tax rebate, but concessions may be made to your payment schedule.
Sometimes, the government will also announce nationwide property tax rebates. For example, in 2020, the government offered property tax rebates for certain non-residential properties to help stimulate the economy amid the height of the COVID-19 pandemic. Similarly, the government just announced an upcoming one-time property tax rebate for owner-occupied residential properties in 2024.

One-off Property Tax Rebate 2024 for Owner-occupier Residential Properties

1 and 2-room HDB flats100%
3-room HDB flats70%
4-room HDB flats50%
5-room HDB flats40%
Executive HDB flats30%
Private property15%; capped at $1,000
Source: MOF
According to MOF, this announcement was made "to cushion the impact of the [2024] PT increases, amidst concerns about cost-of-living."
Commenting on the timeliness of this news, Dr Lee Nai Jia, Head of Real Estate Intelligence, Data and Software Solutions, PropertyGuru Group said that "it will come as a relief, especially for HDB flat owners and owner-occupiers of more affordable private residential homes."
On whether he believes the recent AV and rent increases will mean owner-occupiers will continue to bear the brunt of higher property taxes moving forward, he noted that these conditions are "likely spillover effects from the COVID-19 pandemic and are likely to normalise with more completions."
Speaking of higher property tax rates, here are the upcoming tax rates you can expect to pay for (barring the one-time tax rebate if you qualify) from 2024 onwards:

Property Tax for Owner-occupied Residential Properties: 2023 Vs 2024

First $8,000

Next $22,000
0%

4%
0%

4%*
First $30,000

Next $10,000


5%


6%
First $40,000

Next $15,000


7%


10%
First $55,000

Next $15,000


10%


14%
First $70,000

Next $15,000


14%


20%
First $85,000

Next $15,000


18%


26%
First $100,000

Above $100,000


23%


32%
First $115,000

Next $15,000


23%


32%
First $130,000

Above $130,000


23%


32%
Source: Inland Revenue Authority of Singapore (IRAS)
*For residential properties with AVs below $30,000, there is no change to the PT rate. This covers about 90% of owner-occupied residential properties (including all HDB flats).
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 above IRAS property tax rates apply to you.

Property Tax for Non-owner-occupied Residential Properties: 2023 Vs 2024

First $30,000

Next $15,000
11%

16%
12%

20%
First $45,000

Next $15,000


21%


28%
First $60,000

Next $15,000


27%


36%
First $75,000

Next $15,000


27%


36%
First $90,000

Above $90,000


27%


36%
Source: IRAS
On the other hand, if you are a non-owner-occupier of your home – for example, if you do not stay in your own HDB flat and want to calculate your HDB property tax next year – the above IRAS property tax rates apply to you.
Now that you know more about property tax in Singapore, here are some ways you can check how much property tax you need to pay and how you can make those payments:

How to Check for Outstanding IRAS Property Tax

1. 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

2. Via mytax.iras.gov.sg

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.

1. 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).

2. 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.
For more property news, content and resources, check out PropertyGuru’s guides section.
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Disclaimer: The information is provided for general information only. PropertyGuru Pte Ltd makes no representations or warranties in relation to the information, including but not limited to any representation or warranty as to the fitness for any particular purpose of the information to the fullest extent permitted by law. While every effort has been made to ensure that the information provided in this article is accurate, reliable, and complete as of the time of writing, the information provided in this article should not be relied upon to make any financial, investment, real estate or legal decisions. Additionally, the information should not substitute advice from a trained professional who can take into account your personal facts and circumstances, and we accept no liability if you use the information to form decisions.

More FAQs About Property Tax in Singapore

These taxes must be paid before 31 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.