Budget 2024: Property tax changes welcomed to ease homeowners’ tax burdens 

• Lowest threshold for AV bands raised to S$12,000 from S$8,000
• Highest AV band raised to over S$140,000 from S$100,000
• PPHS (Open Market) Voucher to be offered for one year to help eligible families waiting for Build-To-Order flats to rent HDB units

CHANGES to property tax bands announced in the Budget will help ease next year’s tax burden for many homeowners who saw their bills swell unexpectedly this year. 

Property annual value (AV) bands for owner-occupied residential properties in Singapore will be revised upwards from Jan 1, 2025. As a result, homeowners can expect to pay the same or lower property tax bills, assuming no change in their properties’ AV and before any rebate.

The announcement was welcomed as a positive move, following a two-step hike in property tax rates and a jump in residential property AVs. Payable property tax is calculated based on AVs, which are revised yearly depending on the estimated annual rent if the property was rented out.