Lower property tax to benefit most private owners

Singapore will likely see a 20%-30% lower property tax in 2025.

Private homeowners will likely benefit from Singapore’s adjustment of the annual value (AV) bands for owner-occupied properties.

With the adjustment in AV bands, Morgan Stanley expects a 20%-30% lower property tax in 2025.

“Property taxes are calculated based on AVs – referring to estimated rents – with progressively higher tax rates for higher AVs, and the revised bands mostly mean lower tax rates for each level of AV,” Morgan Stanley.

Whilst the tax reduction will be meaningful for homeowners, Morgan Stanley sees this “as only marginally positive for home prices and demand.”

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