Higher property tax for most home owners in 2023
In the last 2 years ever since the pandemic started, the rental market scene in Singapore residential has seen the rise of rates.
Condominiums and HDB rents up in October 2022 as shown in the straits times today. This indicates strong demand in rental and the lack of housing supply pushing the rents up.
The month October 2022 marks the 22nd straight month for the growth in condo rents, and 28th for HDB rents. Statistics shows that this has been the strongest streak for both markets.
Analyst suggested that the surge in rental volume in the public housing (HDB) could be due to the cheaper rent in comparison to a condominium.
The recent cooling measure that was rolled out in September 30th where private property owners must wait out a 15th month interval prior to purchasing a hdb in the resale market. This group of people are part of the contributing factor to the increase in rental as analyst implied.
In 2023, most home owners will have to pay a higher property tax as the annual value of most residential have increased due to this.
The Singapore Governement will give residents a one off tax rebate of up to $60 for all owner occuppied properties according to the Ministry of Finance and Inland Revenue Authority of Singapore (IRAS) in a joint statement.
The annual value of most private residential and HDB flats will be computed by IRAS in their annual review and property taxes will be increased from Jan 1 of 2023.