Singapore Budget 2024: Property Tax Adjustments to Benefit Homeowners

Deputy Prime Minister Lawrence Wong announces changes to property tax, aiming to alleviate the financial burden on homeowners, especially those in mid-tier properties.

• Property tax adjustments in Singapore's Budget 2024 will see many homeowners, particularly of mid-tier properties, paying less due to raised annual value (AV) bands.
• From January 1, 2025, the lowest and highest AV band thresholds will be increased, allowing homeowners to potentially pay the same or lower property taxes.
• The adjustments are not intended as property market cooling measures but as a response to unintended impacts from rental value surges, ensuring fair taxation.
• Retirees living in higher-end residential homes facing cash flow issues will be offered a 24-month interest-free installment plan for property tax payments.
• Additional Buyer's Stamp Duty (ABSD) concessions and updates aim to support seniors wanting to downsize and provide flexibility to housing developers.

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