2024 Property Tax Hike: What’s The Impact On Homeowners And Tenants In Singapore?

Get The Property Insights Serious Buyers Read First: Join 50,000+ readers who rely on our weekly breakdowns of Singapore’s property market.

A seasoned content strategist with over 17 years in the real estate and financial journalism sectors, Ryan has built a reputation for transforming complex industry jargon into accessible knowledge. With a track record of writing and editing for leading financial platforms and publications, Ryan's expertise has been recognised across various media outlets. His role as a former content editor for 99.co and a co-host for CNA 938's Open House programme underscores his commitment to providing valuable insights into the property market.
Everything is going up in price, so it comes as little surprise that property taxes are too. Rising Annual Value (AV) will apply to most homes across the board; but it’s the higher-end properties that will see the biggest impact. It may also bear consequences for tenants, as landlords may pass down the costs. Here are the possible consequences ahead:
What’s the rise in property taxes like?
For owner-occupied properties, these were the tax rates in 2023:
Annual Value ($) | Effective 1 Jan 2023 | Property Tax Payable |
First $8,000 Next $22,000 | 0% 4% | $0 $880 |
First $30,000 Next $10,000 | – 5% | $880 $500 |
First $40,000 Next $15,000 | – 7% | $1,380 $1,050 |
First $55,000 Next $15,000 | – 10% | $2,430 $1,500 |
First $70,000 Next $15,000 | – 14% | $3,930 $2,100 |
First $85,000 Next $15,000 | – 18% | $6,030 $2,700 |
First $100,000 Above $100,000 | – 23% | $8,730 |
As of 2024, this has increased to the following:
Annual Value ($) | Effective 1 Jan 2024 | Property Tax Payable |
First $8,000 Next $22,000 | 0% 4% | $0 $880 |
First $30,000 Next $10,000 | – 6% | $880 $600 |
First $40,000 Next $15,000 | – 10% | $1,480 $1,500 |
First $55,000 Next $15,000 | – 14% | $2,980 $2,100 |
First $70,000 Next $15,000 | – 20% | $5,080 $3,000 |
First $85,000 Next $15,000 | – 26% | $8,080 $3,900 |
First $100,000 Above $100,000 | – 32% | $11,980 |
For non-owner occupied properties, here’s the property tax rate last year:
Annual Value ($) | Effective 1 Jan 2023 | Property Tax Payable |
First 30,000 Next $15,000 | 11% 16% | $3,300 $2,400 |
First $45,000 Next $15,000 | – 21% | $5,700 $3,150 |
First $60,000 Above $60,000 | – 27% | $8,850 |
And here’s the property tax rate we’ll see from 1st January 2024:
Annual Value ($) | Effective 1 Jan 2024 | Property Tax Payable |
First $30,000 Next $15,000 | 12% 20% | $3,600 $3,000 |
First $45,000 Next $15,000 | – 28% | $6,600 $4,200 |
First $60,000 Above $60,000 | – 36% | $10,800 |
As you can see, it’s mainly the properties with a higher AV that are affected. But this is where rate increases – such as due to the rise in property values and rental rates the past year – may have an impact. The tax increases are not unexpected by the way, as they have been rolled out since the announcement of Budget 2022.
The assigned AV is an estimation of your home’s rental value, in an unfurnished state, minus its maintenance fees. You can find the AV of your specific property here.
More from Stacked
Top 10 Singapore Districts With The Highest PSF Appreciation (2021 Edition)
Property in Singapore is really an ever-changing market. If you haven't been in touch with the property market for the…
In general, most HDB properties will have an AV of under $12,000, while most condos will have an AV of about $20,000 to $30,000. Anything higher than that is usually (but not always) a landed property of some sort.
The government is quite generous in this regard, as estimated AV is often below the actual rental rate. It’s unlikely, for instance, that even the smallest bungalow or semi-detached house would cost as little as $60,000 a year to rent in whole; and yet we may see such properties with an even lower AV than that.
Mainly a concern to investors
For owner-occupiers of HDB flats, these property tax increases are trivial (likely to stay under $30 a month, even for larger executive flats.) However, the increase can matter to landlords, who are renting out private properties.

Take, for instance, a rented-out condo unit that has its annual value bumped from $40,000 to $45,000. In the previous year, at an annual value of $40,000, the landlord would have paid a property tax of $4,900.
Most realtors, however, opined that it would be maintenance rates and interest rates, and not so much property taxes, that would discourage investment. However, they did tell us that the combination of all three would make it difficult for landlords to lower rental rates further, even as rising supply presents tenants with more options.
If the AV reaches $45,000 in 2024, this amount is increased to $6,600, translating to just over $141 a month in added costs. Not a seemingly huge amount in itself, but keep in mind that the increase follows rising interest rates, as well as rising condo maintenance costs.

Property TrendsBeware Rising Home Loan Rates In 2022: We Breakdown Exactly How Much It Will Cost You As Interest Rates Increase
by Ryan JOne realtor also told us that there’s natural “compensation” for the rising property tax, if we consider how AV is calculated. He says:
“AV is based on current market rates. If your property value is going up, and your location is improving, then AV and property tax also go up. But I would take it as a good sign. That means your area is being upgraded, people now pay more to live there. If now there is an MRT station at your doorstep, your AV and tax may go up, but the increase in your rent and resale gains easily make up for that.”
We are getting a one-time rebate in 2024
Just for the coming year only, there’s a one-time property tax rebate. Unfortunately, it’s for owner-occupied properties only. The amounts are as follows:
1 & 2-room flat | 3-room flat | 4-room flat | 5-room flat | Executive HDB | Private property |
100% (You pay nothing) | 70% | 50% | 40% | 30% | 15%; capped at $1,000 |
This isn’t a huge amount, but every little bit helps. 2024 is shaping up to be an expensive year, and some homeowners are still adapting to their higher home loan rates.
For more news and updates on the Singapore property market, follow us on Stacked. You can also find in-depth reviews of new and resale properties alike. If you’d like to get in touch for a more in-depth consultation, you can do so here.
Ryan J
A seasoned content strategist with over 17 years in the real estate and financial journalism sectors, Ryan has built a reputation for transforming complex industry jargon into accessible knowledge. With a track record of writing and editing for leading financial platforms and publications, Ryan's expertise has been recognised across various media outlets. His role as a former content editor for 99.co and a co-host for CNA 938's Open House programme underscores his commitment to providing valuable insights into the property market.Read next from Rental Market

Rental Market Is Singapore’s Rental Market Really Softening? We Break Down The 2024 Numbers By Unit Size

Editor's Pick The Cheapest Condos For Rent In 2024: Where To Find 1/2 Bedders For Rent From $1,700 Per Month

Rental Market Where To Find The Cheapest Landed Homes To Rent In 2024 (From $3,000 Per Month)

Rental Market Where To Find High Rental Yield Condos From 5.3% (In Actual Condos And Not Apartments)
Latest Posts

Landed Home Tours Where To Find Freehold Terrace & Semi-D Landed Homes From $4.85m In The East

Singapore Property News She Lost $590,000 On A Shop Space That Didn’t Exist: The Problem With Floor Plans In Singapore

Property Market Commentary Which Central Singapore Condos Still Offer Long-Term Value? Here Are My Picks

On The Market 5 Cheapest Newly MOP 5 Room HDB Flats From $700k

Pro Why Rivergate Outperformed Its District 9 Rivals—Despite Being Nearly 20 Years Old

On The Market Springleaf Vs Faber Walk: Which Future GLS Residential Site Has More Potential?

Property Market Commentary I Reviewed HDB’s 2 And 3-Room Show Flats: Ideal For First-Time Buyers Or Too Small To Live In?

Editor's Pick Why Kingsford Hillview Peak Underperformed—Despite Its MRT Location And “Good” Entry Price

Editor's Pick Buying Property In Malaysia As A Singaporean: 6 Key Restrictions To Be Aware Of

Editor's Pick Why Punggol Northshore Could Be The Next Hotspot In The HDB Resale Market

Singapore Property News 9,800 New Homes Across 11 GLS Sites In 2H 2025: What To Know About Tanjong Rhu, Dover, And Bedok

Singapore Property News Why HDB Needs To Build More 4 Bedroom Flats

Homeowner Stories “If We Sell, We’ll Never Have A Home This Big Again”: What Singaporean Parents Do After The Kids Move Out

Property Advice How Much Is Your Home Really Worth? How Property Valuations Work in Singapore

Property Investment Insights Singapore Property Data Is Transparent: But Here’s Why It Can Still Mislead You
