Residential property landlords are facing much higher property tax this year. 

The non-owner-occupier residential tax rate rose from between 10 and 20 per cent of annual value (AV) in 2022 and between 11 and 27 per cent of AV in 2023, to between 12 and 36 per cent of AV in 2024. Higher rates apply to pricier homes.

The AV of buildings is the estimated gross annual rent of the property if it were to be rented out, excluding furniture, furnishings and maintenance fees. The AV of a property is determined based on estimated market rentals of similar or comparable properties. Many private homeowners have noted a rise in AV of between 15 and 25 per cent from a year ago.