[YummyKing]

What happen?

Budget 2022: Property tax rates for residential properties to go up from 2023

roperty taxes rates for both owner-occupied and non-owner-occupied residential properties will be revised in 2 steps starting from 2023, boosting property tax revenue by about S$380 million.The property tax rate for non-owner-occupied residential properties - which includes investment properties - will be hiked across the board: from 10 to 20 per cent presently, to 12 to 36 per cent. High-end properties will see a steeper increase.

For instance, the annual property tax payable for a suburban condominium or landed property with an annual value of S$30,000 will go up from S$3,000 under the current rates to S$3,300 in 2023 and S$3,600 in 2024.

The annual property tax for a large landed property with an annual value of S$150,000 will increase from S$24,000 currently, to S$33,150 in 2023, and S$43,200 in 2024.

Meanwhile, the property tax for owner-occupied residential properties will be increased for the portion of annual value in excess of S$30,000: from 4 per cent to 16 per cent today, to 6 per cent to 32 per cent.

"This increase will impact the top 7 per cent of owner-occupied residential properties," said Finance Minister Lawrence Wong during the Budget speech.