IRAS said in a press release on 1 December that the annual values of HDB flats will be revised upwards by 4 to 6 percent starting on 1 January 2022.
This will see most people who are living in three-room flats, as well as those living in bigger units, paying a higher property tax.
The revision in the annual value of HDB flats will be in line with the increase in market rentals and is part of IRAS’ annual review of properties to determine the amount of tax payable.
65 percent of three-room flat owners will pay an additional property tax of between $8.80 to $14.40 per year.
Owners living in 4-5 room and executive flats will pay between an additional $21.60 to $26.40 annually.
The annual value of HDB flats were last revised in 2017, and IRAS said that with the rising market rents of HDB flats this year, the annual values will need to be revised upwards.
Property owners who face financial difficulties can approach IRAS for help in coming up with a suitable payment plan before 31 January.