Budget 2024 was announced today, with an emphasis on “enhancing education and training”, and on financial aid to target groups. Some of the handouts include $1.9 billion in household support (in assorted forms), changes to CPF; and assistance for Singaporean tenants. However, one of the biggest changes on the housing front involves property taxes. Here’s what you need to know: Changes to property tax This is probably the most significant change on the housing front. Back in 2022, there was an increase in property tax rates for residential housing; this was intended as a form of wealth tax, targeted at high-end, luxury properties. (We covered the details of the 2022 tax changes in this article) However, as you may well know, rental rates have increased across the board from 2022 onward. This has impacted the Annual Value (AV) of residential properties and caused tax rates to rise even for lower-value homes. So while the original plan was to target the top seven per...