Property stamp duty collection up 1.7% to S$4.51 billion in first 9 months of FY2023

PROPERTY stamp duty collected in the first nine months of the government’s current fiscal year rose 1.7 per cent from the previous year to S$4.51 billion.

The slightly higher revenue – coming in a year of lower transaction volume and higher duty rates – was a reversal of the previous nine-month period, when stamp duty revenue fell 15.7 per cent.

Property tax takings, meanwhile, grew 12.6 per cent to almost S$3.4 billion, after both tax rates and property annual values (AVs) were hiked upwards in 2022. Based on a property’s rental value, AVs have jumped, reflecting a 30 per cent surge in both private and public residential rents in 2022.