SINGAPORE: Some home owners will pay less property taxes when the annual value (AV) bands for owner-occupied properties are raised next year.
From Jan 1, 2025, the lowest AV band threshold will be raised from S$8,000 (US$5,900) to S$12,000. The highest threshold will increase from over S$100,000 to over S$140,000. Corresponding adjustments will be made to bands in between.
This means that home owners can expect to pay the same or lower property taxes at each band, assuming that there is no change in their AVs and before any rebate.
Property taxes are calculated based on AVs, which are based on the estimated yearly rent if a property was rented out. Owner-occupied homes – where the owner lives in the property – pay lower tax rates.