Your property tax bill lands in December, so what sets it? Property tax in Singapore is your home's Annual Value (AV), IRAS's estimate of the yearly rent it could fetch, multiplied by a tax rate. If you live in the home, the first $12,000 of annual value is tax-free. The typical 4-room HDB flat's AV was $17,280 in IRAS's figures for financial year 2025, which works out to about $211 of property tax before any rebate. AV also decides whether you qualify for schemes like the GST Voucher.
Annual Value is the estimated gross annual rent your property could command on the open market, as assessed by IRAS. The estimate excludes the rent attributable to furniture, furnishings and maintenance or service charges. So a fully furnished unit and a bare one of the same size in the same block get the same AV, if nothing else about them differs. AV measures the home and its location, and the sofa doesn't count.
IRAS works out the AV by looking at actual rents on comparable properties nearby. For a four-room HDB flat in Tampines, IRAS looks at what similar four-room Tampines flats are renting for, takes a market view, and sets one annual figure. The same logic applies to condos and landed homes against their own comparables. Location, the building's age, floor area, recent improvements and features such as a private pool all go into it. Each of them moves what a tenant would pay.
IRAS reviews annual values every year, so your AV isn't fixed for life. It goes up when market rents climb and down when they soften. IRAS's median AV for 4-room HDB flats rose from $12,480 in financial year 2022 to $17,280 in financial year 2025 as rents went up. Two identical flats can carry slightly different AVs if one block has seen more recent tenancies than the other.
AV applies whether or not you rent the place out. If you live in your own flat, IRAS still gives it an AV as if it were rented. Property tax is a tax on owning the home, and rent you earn is taxed separately. Vacant land and properties under construction are valued differently, usually as a percentage of the estimated freehold or market value of the land.
Two numbers people confuse with AV: the purchase price and the valuation used for a loan. AV is none of those. A $1.5m condo does not have a $1.5m AV; its AV is the yearly rent it would fetch, perhaps $30,000 to $36,000. For how lenders value a home for financing, that is a separate exercise covered in our HDB resale valuation guide.
AV is also not the rent you actually collect as a landlord. Say you let your condo for $3,200 a month, which is $38,400 a year. Your AV could still be $34,000 if similar units rent a touch lower, or if part of your rent covers furniture. The rent you bank is taxed under income tax; the AV is what drives property tax. They are two different bills on the same home.
| Figure | What it measures | What it is used for |
|---|---|---|
| Annual Value (AV) | Estimated gross yearly market rent, bare unit | Property tax and scheme means-testing |
| Purchase price | What you paid to buy | Your cost base, stamp duty |
| Bank valuation | Lender's view of resale market value | Loan amount and loan-to-value limit |
| Actual rent received | Rent your tenant pays you | Income tax on rental income |
AV is the multiplier in your property tax bill: IRAS applies a progressive rate to it, and the result is your yearly tax. Because the bands are progressive, each extra dollar of AV costs more once you cross into the upper bands.
AV is also a wealth proxy the government uses to ration benefits. Several schemes look at the AV of your home as at 31 December of the prior year to decide if you are in the lower- or middle-income group. Cross the AV line and the payout shrinks or disappears, even if your income is unchanged.
If you own the property, IRAS shows you its AV for free. Log in to the IRAS myTax Portal with your Singpass and open View Property Summary under the Property menu. It shows your current AV.
Want the AV of a home you don't own, say one you're thinking of buying or renting? IRAS's Check Annual Value of Property service costs $2.50 a search. It covers the current year and up to five years back, and it shows the AV only, with no other details about the property.
Knowing the AV before you buy tells you the property tax you'll owe. It also tells you whether that home pushes you past a scheme's AV cut-off. If you are weighing a purchase, run the numbers alongside our stamp duty calculator and mortgage calculator so the recurring property tax sits in your full cost picture.
There's no single AV for a flat type, because it tracks local rents, and those vary by town, age and floor. IRAS does publish the median AV for each HDB flat type every financial year. In its latest figures, the middle 4-room flat had an AV of $17,280, so it paid property tax. Only the median 1- and 2-room flat sat under the $12,000 tax-free line.
A median is the middle flat, not yours. Two 4-room flats in the same town can carry different AVs if one sits high up in a newer block where recent tenancies signed higher. The number that bills you is the AV on your own myTax Portal record. If you're sizing up a private home, our cost of owning a condo guide sets property tax next to the other yearly bills.
The GST Voucher's $31,000 AV line sits well above the median for every HDB flat type, even executive flats at $18,900. So for most HDB households the voucher comes down to its other tests. You need to be a Singapore citizen aged 21 or above living here, with assessable income of $39,000 or less. Private and larger homes are the ones most likely to cross the AV line.
| HDB flat type | Median AV | Property tax if you live in it |
|---|---|---|
| 1- or 2-room | $9,000 | $0 |
| 3-room | $13,200 | $48 |
| 4-room | $17,280 | $211 |
| 5-room | $18,240 | $250 |
| Executive and others | $18,900 | $276 |
Property tax in Singapore is progressive and depends on whether you live in the property. Owner-occupied homes get a lower rate schedule; properties you rent out or leave vacant are taxed at the higher non-owner-occupied rates. The rate is applied band by band, the same way income tax brackets work, so only the slice of AV inside each band is taxed at that band's rate.
The owner-occupier rates below took effect on 1 January 2025, and they're still the rates IRAS lists as at 5 November 2026. The first $12,000 of AV is tax-free, which is why owner-occupiers of 1- and 2-room HDB flats pay no property tax.
These apply if you live in the home. You must occupy the property and have applied for (or been granted) the owner-occupier concession for it to qualify.
| Portion of Annual Value | Tax rate |
|---|---|
| First $12,000 | 0% |
| Next $28,000 (up to $40,000) | 4% |
| Next $10,000 (up to $50,000) | 6% |
| Next $25,000 (up to $75,000) | 10% |
| Next $10,000 (up to $85,000) | 14% |
| Next $15,000 (up to $100,000) | 20% |
| Next $40,000 (up to $140,000) | 26% |
| Above $140,000 | 32% |
These apply if you rent the property out or leave it vacant. The bands are steeper and start taxing from the first dollar of AV, with no tax-free band. They have been in force since 1 January 2024.
| Portion of Annual Value | Tax rate |
|---|---|
| First $30,000 | 12% |
| Next $15,000 (up to $45,000) | 20% |
| Next $15,000 (up to $60,000) | 28% |
| Above $60,000 | 36% |
Take a 4-room HDB flat at IRAS's median AV of $17,280, and you live in it. The first $12,000 is taxed at 0% and the other $5,280 at 4%, which comes to $211 before any rebate. A condo you live in with an AV of $30,000 pays $0 on the first $12,000 plus 4% on the next $18,000, which is $720 for the year.
Now rent that same $30,000-AV condo out. Under the non-owner-occupier schedule it is taxed at 12% on the full $30,000, which is $3,600. Same property, same AV, but more than four times the tax because you do not live in it. This is the gap that catches accidental landlords who forget that moving out flips their rate band.
The sums above are the tax before any rebate. 2026 bills were lower because of a one-off rebate, covered next. Property tax is one of several yearly costs of owning here, so it helps to see it next to your loan and upkeep.
| Property | Assumed AV | Gross property tax |
|---|---|---|
| 1- or 2-room HDB | Below $12,000 | $0 |
| 4-room HDB (IRAS median, FY2025) | $17,280 | $211 |
| Mass-market condo | $30,000 | $720 |
| Larger condo | $50,000 | $1,720 |
| Landed / prime | $85,000 | $5,620 |
For 2026, the government gave a one-off property tax rebate to every home its owner lives in: 15% for HDB flats, and 10% capped at $500 for private homes.
Nobody had to apply. IRAS took the rebate off each 2026 bill, which went out from December 2025 and was due by 31 January 2026.
After the rebate, owner-occupiers in 3-room and larger HDB flats saw an average increase of $2 to $3 a month on their 2026 bills. Higher annual values, from higher market rents, drove it. One- and two-room HDB owner-occupiers continue to pay no property tax. For private owner-occupiers, about half see an increase of less than $6 a month after the rebate, with larger rises falling on higher-value homes.
The rebate was for 2026 bills only. Your 2027 bill arrives from December 2026, and as at 5 November 2026 IRAS's page for 2027 bills lists no rebate for it. If you budget monthly, a personal budget can set aside a twelfth of the bill each month.
By 31 January. IRAS sends each year's bill from December, so the 2027 bill is due by 31 January 2027. That holds whether you live in the home, rent it out or leave it empty.
GIRO is IRAS's preferred way to pay: one deduction, or up to 12 interest-free monthly instalments. Older owners can stretch it to 24 months under IRAS's extended GIRO scheme. From 1 January 2026, every owner has to be 65 or older, and the applicant has to live in the home and have assessable income of $39,000 or less. PayNow QR with your property tax reference number works too.
Pay late and IRAS adds a 5% penalty on the unpaid tax, unless you're on an approved instalment plan. If it stays unpaid, IRAS can have your bank, employer, tenant or lawyer pay it from money they hold for you, and can sell the property at a public auction. The tax is still due while an objection to your AV is being looked at.
Beyond tax, AV is the gate for several support schemes. The GST Voucher (Cash) scheme uses the AV of your home as at 31 December of the prior year. To qualify, that AV must be $31,000 or less. If your AV is $21,000 or below you sit in the higher payout tier; between $21,001 and $31,000 you get a smaller cash amount. You also need to be a Singapore citizen aged 21 or above, have assessable income of $39,000 or less for YA2025, and own no more than one property.
Because the cut-off is a hard line, a property whose AV creeps from $30,800 to $31,200 after a market-rent revision can knock a household out of the GST Voucher entirely. This is why people who are near the line check their AV each year when the December valuation notices go out.
If you want the full picture of cash and voucher schemes you may qualify for, see our GST Voucher guide and the CDC Vouchers guide.
One point trips people up. For scheme means-testing, the AV that counts is the home at your NRIC address, even if you own a property elsewhere. If you rent, or you live with your parents, the AV that counts toward your GST Voucher assessment is the AV of that residence. Owning no property at all does not exempt you from the AV test; it just means the AV of where you stay is what gets read.
| AV of home (as at 31 Dec prior year) | Outcome |
|---|---|
| $21,000 or less | Higher cash payout tier |
| $21,001 to $31,000 | Lower cash payout tier |
| Above $31,000 | Not eligible on AV grounds |
When IRAS changes your AV, it sends a Valuation Notice. If you believe the new AV doesn't reflect the market rent of comparable homes, you can object within 30 days of the date on that notice. If you didn't get a notice, you can still object during the year if you can show market rents have fallen below your AV.
An objection needs evidence, not just an opinion. Useful support includes recent signed tenancy agreements for your unit or near-identical units in the same development, and, for higher-value or unusual properties, a professional valuation. Vague claims that rents have fallen will not move the figure; comparable transactions will.
Keep paying the tax shown while an objection is pending. If IRAS revises the AV down, any overpaid tax is refunded or credited. Letting the bill lapse to make a point only adds late-payment penalties on top.
If IRAS reviews your objection and either rejects it or only partly allows it, you are not at a dead end. You can take the matter to the Valuation Review Board within 30 days of the date on IRAS's decision. The Board is an independent tribunal that hears AV disputes, so this is the formal next step rather than another round of letters with IRAS.
It is IRAS's estimate of the gross yearly rent your property could fetch on the open market, excluding furniture, furnishings and maintenance charges. IRAS uses comparable rents nearby to set it. AV is not your purchase price or your loan valuation.
If you own it, log in to the IRAS myTax Portal with Singpass and use View Property Summary to see your current AV for free. To check a home you don't own, use IRAS's Check Annual Value of Property service. It costs $2.50 a search, covers the current year and up to five years back, and shows the AV only.
IRAS applies a progressive rate to your AV, band by band. For owner-occupied homes in 2026, the first $12,000 is tax-free, then rates run from 4% up to 32% on higher AV slices. Properties you rent out or leave vacant are taxed at non-owner-occupier rates of 12% to 36%.
IRAS's median AVs for financial year 2025 were $9,000 for 1- and 2-room flats, $13,200 for 3-room, $17,280 for 4-room, $18,240 for 5-room and $18,900 for executive flats. Your own flat's AV is on myTax Portal.
Yes. The GST Voucher (Cash) uses your home's AV as at 31 December of the prior year. You qualify only if it is $31,000 or less, with the higher payout tier for AV of $21,000 or below. Crossing the cut-off can disqualify you even if your income has not changed.
Not so far. The one-off rebate was for 2026 bills: 15% for owner-occupied HDB flats and 10%, capped at $500, for owner-occupied private homes. As at 5 November 2026, IRAS's page for 2027 bills lists no rebate. Those bills arrive from December 2026 and are due by 31 January 2027.
No. Stamp duty is paid once, when you buy a property or sign a lease. Property tax comes every year for as long as you own the home, worked out from its annual value, and it's due by 31 January.
You can file an objection with IRAS within 30 days of the date on your Valuation Notice. Back it with evidence such as recent tenancy agreements for comparable units or a professional valuation. Keep paying the tax shown while the objection is being reviewed; any overpayment is refunded.
IRAS reviews annual values every year, so your AV can move up or down with market rents. It isn't fixed at the value set when you bought. IRAS's median AV for 4-room HDB flats went from $12,480 in financial year 2022 to $17,280 in financial year 2025 as rents rose.
You do not pay property tax as a tenant, since that bill falls on the owner. But for scheme means-testing the AV that counts is the home you live in, read off your NRIC-registered address. So if you rent, or you live with your parents, the AV of that residence is what gets used for your GST Voucher assessment, even though you own nothing.
If your home's AV rises above $31,000 you lose eligibility for the GST Voucher (Cash) on AV grounds, even if your income is unchanged. The cut-off is a hard line. If you think the new AV overstates market rent, you can object to IRAS within 30 days of the Valuation Notice. An objection that brings the AV back under the line can restore eligibility.
If IRAS disallows or only partly allows your objection, you can appeal to the Valuation Review Board within 30 days of IRAS's decision. The Board is an independent tribunal for AV disputes.
This is general financial information for Singapore, not personal financial advice. Figures change, so verify current rates against the official sources above before acting. See our full disclaimer.
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