IRAS: Singaporean Residents to Pay Higher Property Tax Rates in 2023

The Inland Revenue Authority of Singapore (IRAS) announced on Friday, Dec. 2, that there will be an increase in property taxes amid an upward revision of annual values for both private and public flats. The annual value is the property’s estimated yearly cost if the house or apartment is already rented out.

In a press release, the IRAS said the revision will take effect on Jan. 1, 2023, with a one-off tax rebate of up to S$60 for owner-occupied properties. Equivalent to the 60% of the 2023 tax bill, the rebate will be automatically offset against any amount payable next year. All one and two-room homeowners need not pay taxes in 2023, provided their annual values are S$8,000 and below.

Singaporean residents will receive their property tax bills by end of December. According to the agency, homeowners may pay their 2023 tax rates until Jan. 31, 2023. A 5% penalty will be imposed on occupants who fail to settle their property dues.

Those facing financial difficulties may reach out to the IRAS via live chat to discuss a suitable payment option. A face-to-face appointment may also be scheduled two days in advance for homeowners who wish to personally talk to a tax officer. For more information, visit the IRAS’ official website.