Big increase in Property Tax in 2024
Property tax has increased a number of times, and starting from 1 Jan 2024, it has yet another big jump. IRAS has progressive tax rate for property, so you pay lower rate if your property annual value is lower. The Annual Value is the estimated gross annual rent, if the property were to be rented out, determined based on the market.
Owner-occupied Rate
| Annual Value | 2023 Rate | 2024 Rate (NEW) |
|---|---|---|
| 1st $8k | nothing | nothing |
| Next $22k | 4% | 4% |
| Next $10k | 5% | 6% |
| Next $15k | 7% | 10% |
| Next $15k | 10% | 14% |
| Next $15k | 14% | 20% |
| Next $15k | 18% | 26% |
| Exceeds $100k | 23% | 32% |
Non-owner-occupied Rate
| Annual Value | 2023 Rate | 2024 Rate (NEW) |
|---|---|---|
| 1st $30k | 11% | 12% |
| Next $15k | 16% | 20% |
| Next $15k | 21% | 28% |
| Exceeds $60k | 27% | 36% |
Concrete Examples
We will compare with a few Annual Values. A HDB 3-rm will be ~$30k, HDB 5-rm ~$45k, private 5-br ~$60k and a luxury private ~$120k.
| Annual Value | $30k | $45k | $60k | $120k |
|---|---|---|---|---|
| Owner-occupied 2023 | $820 | $1,670 | $2,870 | $13,270 |
| Owner-occupied 2024 | $880 | $1,980 | $3,680 | $18,380 |
| Non-owner-occupied 2023 | $3,300 | $5,700 | $8,850 | $25,050 |
| Non-owner-occupied 2024 | $3,600 | $6,600 | $10,800 | $32,400 |
If you sublet your whole HDB 3-rm flat, then property tax is ~12% of your gross rent, while it is ~27% for the luxury private.
Thank you for nation building.
