When it rains, it pours.
Following the recent National Environmental Agency (NEA) announcement that household refuse collection fees will be raised in January 2022; the Inland Revenue Authority of Singapore (IRAS) announced yesterday (1 December 2021) that it will be raising the annual value (AV) of HDB flats in concert with soaring market rentals.
IRAS has stated that the AVs of all HDB flats will be revised upwards by about 4% to 6% from 1 January 2022.
This increase came about from IRAS’s yearly review of properties which is then utilised to determine the amount of property tax that needs to be paid.
As a result, most HDB flat owners will have to pay more property tax next year.
But thankfully, there is a silver lining.
Source: Outlander | Giphy
Even with this revision, owner-occupiers of all 1-room and 2-room HDB flats will still not be required to pay any property tax.