Singapore property tax is calculated as Annual Value (AV) multiplied by a progressive rate. Owner-occupiers pay significantly less than landlords: a condo with AV $36,000 pays just $960/year if owner-occupied (as of 2026-06), versus $4,800 if rented out. Rates were raised in 2024-2025 to cool investment demand -- understanding the bands and the owner-occupier concession application is essential to managing your annual tax bill correctly.
Every January, Singapore condo owners receive a property tax bill that can range from a few hundred dollars to tens of thousands -- yet most owners have only a vague sense of how the number is calculated. The mechanism is deceptively simple: multiply the Annual Value (AV) of your unit by the applicable progressive tax rate. The complexity lies in three variables that together determine what you actually owe: what AV IRAS has assigned to your property, whether you qualify for the lower owner-occupier (OO) rate, and which progressive band your AV falls into. Since 2024, both the OO and non-owner-occupier (NOO) schedules have been revised upward, materially increasing tax exposure for landlords and high-AV owner-occupiers alike. This guide explains every moving part -- AV determination, the 2025 progressive bands, the owner-occupier concession, objection rights, payment options, and worked examples -- so you can verify your bill with confidence and plan accordingly.
What Annual Value Is and How IRAS Sets It
The Annual Value of a property is defined under the Property Tax Act as the estimated gross annual rent the property would fetch if let on the open market, excluding furniture, furnishings, and maintenance fees. IRAS does not simply take your actual rental income -- it derives AV from comparable market rentals in the vicinity, adjusted for size, floor level, condition, and location. For owner-occupied condos that have never been tenanted, IRAS benchmarks against rental transactions of similar units in the same or nearby projects. You can cross-check prevailing condo rentals using URA's Rental Statistics portal, which publishes median rents by property and district -- the same data IRAS references.
IRAS reviews AVs annually and issues a Valuation Notice when your AV changes. The notice states the new AV, its effective date, and the revised tax payable. Importantly, AV can go down as well as up -- during the 2020-2021 rental market contraction, many condo AVs were revised downward. In 2022-2024, the rental market surged and AVs were revised sharply upward across most districts, directly driving higher tax bills for that period (as of 2026-06). You can check your property's current AV and the past four years via the myTax Portal under the View Property Summary section.
The 2024-2025 Rate Revisions
Singapore made its most significant property tax changes in a decade across two tranches. The 2023 Budget announced increases effective 1 January 2023, with a further step-up from 1 January 2024 for NOO properties, and structural OO band changes from 1 January 2025. Under the 2025 OO schedule, the zero-rate band was raised from $8,000 to $12,000 AV -- providing modest relief for lower-AV units -- while the upper bands were steepened for high-AV properties. The NOO schedule was redesigned from 1 January 2024 to compress to just four bands topped at 36%, up from the pre-2023 ceiling of 20%. These changes reflect MAS and government policy to moderate property investment demand while protecting owner-occupiers of modest homes. The MAS explainer on property market measures provides the policy rationale behind the rate trajectory.
Property tax is one of the most predictable recurring costs of condo ownership in Singapore, yet it is also one of the most misunderstood. Many owners receive their annual Notice of Assessment from IRAS, pay it without scrutiny, and never question whether the figure is correct or whether there are legitimate ways to reduce it. For a typical mid-size condo, the annual tax bill runs between S$1,200 and S$5,000 for owner-occupiers — and between S$5,000 and S$20,000 or more for investors renting out their units. Understanding the mechanics behind that number is the first step to managing it intelligently.
This guide covers the 2026 Annual Value system, how IRAS determines your AV, the progressive owner-occupied and non-owner-occupied rate schedules, two worked examples (a typical S$1.5 million condo and a luxury S$4 million unit), the payment schedule and GIRO options, the appeals process, and six practical strategies to reduce your tax exposure lawfully.
What Property Tax Is — and What It Is Not
Property tax in Singapore is a wealth tax on property ownership, not an income tax on rent received. It applies to every owner of land or buildings in Singapore — whether or not the property is tenanted, whether or not the owner earns any income from it. Even if your condo sits vacant for the entire year, you still owe property tax.
Property tax is administered by the Inland Revenue Authority of Singapore (IRAS) under the Property Tax Act. It is assessed annually and billed in January for the calendar year ahead. The formula is straightforward:
Property Tax = Annual Value (AV) × Applicable Tax Rate
The two variables — AV and rate — each require close attention. The AV is set by IRAS and reflects estimated rental market conditions; it is not the same as your property’s market value, your actual rent collected, or your purchase price. The applicable rate depends entirely on how you use the property: owner-occupied residential properties benefit from a significantly lower progressive rate schedule than properties used as investments.
Property tax is distinct from:
- Buyer’s Stamp Duty (BSD) and ABSD — one-time taxes paid at purchase
- Income tax on rental income — a separate IRAS assessment on net rental profits
- MCST maintenance fees — not a tax; paid to your condo management corporation
How IRAS Determines Your Annual Value
The Annual Value is defined in the Property Tax Act as the gross annual rent the property could reasonably be expected to fetch if let from year to year, minus the estimated cost of maintenance and insurance typically borne by the landlord. In practice, IRAS uses prevailing market rental data for comparable units — same district, similar size, similar age and condition — to arrive at a figure for each property.
Key points about how AV is set:
- Based on unfurnished market rent: IRAS estimates the rent for the bare unit. Furnishing, appliances, and other enhancements that command a higher actual rent are typically excluded from the AV benchmark, as these are not considered part of the building itself.
- Not your actual rent: If you are collecting S$5,000/month on a lease signed two years ago and the market has since moved, your AV may be revised upward (or downward) to reflect current market conditions regardless of your contractual rent.
- Updated annually (or on triggering events): IRAS reviews AVs each year, typically effective 1 January. Significant market movements in the private rental market will flow through to AV revisions. AV is also updated when a property is newly completed, substantially renovated, or changes in nature.
- Maintenance allowance deducted: The AV is net of what IRAS considers a reasonable maintenance and insurance cost typically borne by the landlord. For standard condos, this deduction is embedded in IRAS’s AV-setting methodology rather than calculated separately by the owner.
Typical AV Ranges for Singapore Condos (2026)
| Condo Type / Size | Typical Monthly Market Rent | Estimated AV Range |
|---|---|---|
| 1-bedroom, OCR, ~500 sqft | S$2,000 – S$2,800 | S$24,000 – S$30,000 |
| 2-bedroom, OCR, ~700–800 sqft | S$2,800 – S$3,800 | S$30,000 – S$42,000 |
| 2-bedroom, RCR/CCR, ~800 sqft | S$3,500 – S$5,000 | S$38,000 – S$54,000 |
| 3-bedroom, RCR, ~1,100 sqft | S$4,500 – S$6,500 | S$48,000 – S$68,000 |
| 3-bedroom, CCR / luxury, ~1,500 sqft | S$6,000 – S$9,000 | S$60,000 – S$96,000 |
| Penthouse / large luxury unit | S$9,000+ | S$96,000+ |
Owner-Occupied Residential Tax Rates (2026)
If the property is your owner-occupied residential home — meaning you live there and have applied to IRAS for owner-occupier status — the progressive rates below apply. The rates are applied in bands on your AV, with each tranche taxed at a higher marginal rate. Only the first S$12,000 of AV is tax-free.
| Annual Value Tranche | Marginal Rate | Tax on Tranche | Cumulative Tax |
|---|---|---|---|
| First S$8,000 | 0% | S$0 | S$0 |
| Next S$47,000 (S$8,001 – S$55,000) | 4% | S$1,880 | S$1,880 |
| Next S$15,000 (S$55,001 – S$70,000) | 5% | S$750 | S$2,630 |
| Next S$15,000 (S$70,001 – S$85,000) | 6% | S$900 | S$3,530 |
| Next S$15,000 (S$85,001 – S$100,000) | 7% | S$1,050 | S$4,580 |
| Next S$15,000 (S$100,001 – S$115,000) | 9% | S$1,350 | S$5,930 |
| Next S$15,000 (S$115,001 – S$130,000) | 11% | S$1,650 | S$7,580 |
| Above S$130,000 | 32% | — | — |
Non-Owner-Occupied Residential Tax Rates (2026)
If the property is rented out, vacant, or used as a second home, it is taxed at the non-owner-occupied (NOO) residential rates. These are considerably higher and are intended to discourage property speculation while generating revenue from investment properties. The NOO schedule applies to the full AV with no tax-free band.
| Annual Value Tranche | Marginal Rate | Tax on Tranche | Cumulative Tax |
|---|---|---|---|
| First S$30,000 | 12% | S$3,600 | S$3,600 |
| Next S$15,000 (S$30,001 – S$45,000) | 20% | S$3,000 | S$6,600 |
| Next S$15,000 (S$45,001 – S$60,000) | 28% | S$4,200 | S$10,800 |
| Next S$15,000 (S$60,001 – S$75,000) | 36% | S$5,400 | S$16,200 |
| Next S$15,000 (S$75,001 – S$90,000) | 36% | S$5,400 | S$21,600 |
| Above S$90,000 | 36% | — | — |
Worked Example 1: S$1.5M Condo, AV S$36,000 — OO vs NOO
Consider a 2-bedroom condominium in the Rest of Central Region (RCR), purchased for S$1.5 million. IRAS has assessed the Annual Value at S$36,000 (equivalent to approximately S$3,000/month unfurnished market rent).
Owner-Occupied Tax Calculation (AV S$36,000)
| AV Tranche | Rate | Tax |
|---|---|---|
| First S$8,000 | 0% | S$0 |
| Remaining S$28,000 (S$8,001 – S$36,000) — within the 4% band | 4% | S$1,120 |
| Total Annual Property Tax (OO) | S$1,120 | |
Non-Owner-Occupied Tax Calculation (AV S$36,000)
| AV Tranche | Rate | Tax |
|---|---|---|
| First S$30,000 | 12% | S$3,600 |
| Remaining S$6,000 (S$30,001 – S$36,000) — within the 20% band | 20% | S$1,200 |
| Total Annual Property Tax (NOO) | S$4,800 | |
Tax difference: S$3,680 per year — approximately S$307/month more when renting out versus self-occupying. For an owner who collects S$3,200/month rent, the incremental NOO tax of S$3,680/year reduces effective net yield by roughly 0.25 percentage points on a S$1.5 million property.
Worked Example 2: Luxury S$4M Condo, AV S$72,000
Consider a 3-bedroom luxury condominium in the Core Central Region (CCR), purchased for S$4 million. IRAS assesses the Annual Value at S$72,000 (reflecting approximately S$6,000/month unfurnished market rent).
Owner-Occupied Tax Calculation (AV S$72,000)
| AV Tranche | Rate | Tax |
|---|---|---|
| First S$8,000 | 0% | S$0 |
| Next S$47,000 (S$8,001 – S$55,000) | 4% | S$1,880 |
| Next S$15,000 (S$55,001 – S$70,000) | 5% | S$750 |
| Remaining S$2,000 (S$70,001 – S$72,000) — within the 6% band | 6% | S$120 |
| Total Annual Property Tax (OO) | S$2,750 | |
Non-Owner-Occupied Tax Calculation (AV S$72,000)
| AV Tranche | Rate | Tax |
|---|---|---|
| First S$30,000 | 12% | S$3,600 |
| Next S$15,000 (S$30,001 – S$45,000) | 20% | S$3,000 |
| Next S$15,000 (S$45,001 – S$60,000) | 28% | S$4,200 |
| Remaining S$12,000 (S$60,001 – S$72,000) — within the 36% band | 36% | S$4,320 |
| Total Annual Property Tax (NOO) | S$15,120 | |
Tax difference: S$12,370 per year — more than S$1,030 per month. At this AV level, the NOO effective rate is 21.0% of AV. A landlord collecting S$7,000/month on this unit pays S$15,120/year in property tax alone, which equates to roughly 1.8 months of gross rent. This is a material drag on net yield and must be factored into any investment return calculation.
Payment Schedule, GIRO, and Late Penalties
IRAS issues the annual property tax bill in December or early January for the calendar year ahead (January to December). Payment is due by 31 January of the tax year.
Payment Options
- GIRO (recommended): Enrol in GIRO through myTax Portal and the tax is automatically deducted from your designated bank account in monthly instalments across the year (typically January through December, divided into 12 equal deductions) or as a single deduction in January. GIRO eliminates the risk of forgetting the deadline and may provide cash-flow smoothing through the monthly option.
- PayNow / Internet banking: Pay the full amount by 31 January via PayNow QR code (scan from the tax bill) or internet banking bill payment with your tax reference number.
- AXS / SAM machines: Available at various locations across Singapore.
- NETS / cheque: At IRAS Revenue House or selected service centres (cheques made payable to “Commissioner of Stamp Duties”).
Late Payment Penalties
If the full tax (for non-GIRO payers) is not received by 31 January, IRAS imposes a 5% penalty on the unpaid amount. A further 1% per month is added for each subsequent month the amount remains unpaid, up to a maximum of 12 months additional penalty. Persistent non-payment can result in recovery action including attachment of bank accounts or forced sale of the property.
Appealing Your Annual Value
If you believe your AV is assessed too high relative to actual market rental conditions, you have the right to appeal. The process is as follows:
- Lodge an objection within 30 days from the date of the Notice of Assessment (or Notice of New Annual Value). This deadline is strict — late objections are not accepted except in exceptional circumstances at IRAS’s discretion.
- File via myTax Portal: Under “Object to Annual Value”. State the grounds for your objection and, if possible, provide supporting evidence of lower comparable rentals — for example, rental listings or tenancy agreements for similar units in the same development or nearby buildings.
- IRAS review: IRAS will review the objection and may request additional information. The review typically takes 2–4 months. In the interim, you must still pay the tax based on the assessed AV; if the appeal succeeds, a refund of excess tax paid is issued.
- Further appeal to the Valuation Review Board (VRB): If unsatisfied with IRAS’s decision, you may appeal to the VRB within 30 days of receiving IRAS’s determination. The VRB is an independent statutory tribunal. Professional legal or valuation advice is recommended at this stage.
6 Strategies to Reduce Your Property Tax
1. Apply for Owner-Occupier Status Promptly
The most impactful single action for any owner moving into their condo is to apply for owner-occupier tax rates via myTax Portal immediately upon taking occupancy. The lower OO rates can reduce your annual bill by 75–80% compared to the NOO schedule. There is no automatic trigger — IRAS will not downgrade you from NOO to OO rates without your application. For a unit with AV S$36,000, failing to apply for a year costs you an extra S$3,840 in unnecessary tax.
2. Notify IRAS Promptly When You Move Out or Rent Out
Conversely, if you move out of your OO property and start renting it, you must notify IRAS within 15 days. Failure to do so and continuing to receive OO rates constitutes a tax offence. Proactive compliance also means you can plan for the higher NOO bill in advance and price your rent accordingly to recover the tax cost.
3. Challenge Inflated AV Readings with Market Evidence
Rental markets correct faster than IRAS’s annual review cycle. If rents in your development have fallen materially since the last AV revision, file an objection with supporting rental comparables (recent listings, your actual lease contract if lower than the implied AV). For a luxury unit with AV S$72,000, a successful appeal reducing AV by S$6,000 saves approximately S$2,160/year in NOO tax. Even if you pay a professional property valuer S$500–S$800 to prepare supporting evidence, the savings pay back in the first year.
4. Factor Property Tax Into Rental Pricing
Property tax is a fully deductible expense against rental income for income tax purposes — you report gross rent and deduct property tax (along with mortgage interest, maintenance, and other allowable expenses) to arrive at taxable rental profit. However, from a cash-flow standpoint, ensure your asking rent covers the annualised tax cost. For a unit with S$15,120/year in NOO property tax, the tax equivalent is S$1,260/month — factor this into your minimum acceptable rent when setting asking price or negotiating lease terms.
5. Time Owner-Occupancy to Maximise OO Rate Coverage
If you are planning to sell an investment property and move into another one, consider overlapping occupancy strategically. IRAS assesses OO status at a point in time; if you are between properties during a calendar year, ensure you are registered as OO for the property with the higher AV for as much of the year as possible. Property tax is assessed for the full calendar year, but changes in use mid-year can result in a prorated adjustment. Liaise with IRAS promptly around any change in occupancy.
6. Decoupling to Reduce the Investment Portfolio NOO Burden
For couples who own multiple properties, a decoupling exercise — where one spouse transfers their share of a jointly-held property to the other, freeing the transferring spouse to hold a second property as their sole OO — can shift one property from NOO to OO rates. This must be weighed against the ABSD and BSD costs of the transfer, and the long-term investment strategy for both properties. Given the magnitude of the NOO-vs-OO tax differential at higher AV levels, decoupling can sometimes pay back its transaction costs within a few years of OO savings. See our Reducing Property Tax on an Investment Condo guide for a detailed worked example of the decoupling tax maths.
Frequently Asked Questions
What is the difference between Annual Value and market value for property tax purposes?
Annual Value is IRAS’s estimate of the gross annual rent the property could earn on the open market, less an allowance for maintenance and insurance typically borne by the landlord. It bears no direct relationship to the property’s market value (sale price). A S$4 million condo may have an AV of S$72,000 — representing roughly 1.8% of market value. Market values reflect capital appreciation, location premium, and investor demand; AV reflects only rental market conditions. The two can diverge significantly, especially when capital values outpace rental growth (as occurred in 2021–2023) or when rents surge faster than capital values.
Do I pay property tax on the full purchase price or only the AV?
Property tax is calculated only on the Annual Value, not the purchase price or market value. The AV is IRAS’s estimated annual rental figure for your property. For a S$1.5 million condo with AV S$36,000, the tax base is S$36,000 — not S$1,500,000. This is why effective property tax rates in Singapore appear low as a percentage of property value (often below 1% for OO properties), even though the marginal rate schedules on AV look relatively high.
Can I claim owner-occupier rates if I only live in the property part of the year?
To qualify for owner-occupier rates, the property must be your primary residence — the place where you ordinarily live. Seasonal or part-time use (for example, treating a Singapore condo as a holiday base while living abroad most of the year) does not qualify. You can only receive OO rates on one property at a time in Singapore. If you own two properties and live in one, only the one you reside in qualifies; the other is assessed at NOO rates even if you use it occasionally.
Is the property tax I pay on my investment condo deductible against rental income for income tax?
Yes. Property tax paid on a rented-out property is a deductible expense against gross rental income for the purpose of computing your taxable rental profit under IRAS’s income tax assessment. You report gross rent, deduct allowable expenses including property tax, mortgage interest (for bank-loan properties), fire insurance, maintenance fees, and agent commissions, and pay income tax only on the net rental profit. Property tax is not, however, deductible for property tax purposes — it is computed solely on AV and the applicable rate schedule without any further deductions at the property tax stage itself. See our Rental Income Tax Guide for the full list of deductible expenses.
What happens to property tax when I sell the property mid-year?
Property tax for the full calendar year is the seller’s initial liability. At legal completion, the conveyancing lawyers apportion the tax between buyer and seller: the seller pays up to (and including) the completion date; the buyer reimburses the seller’s prepaid tax for the period from the completion date to 31 December. This apportionment appears on the completion account prepared by your solicitor. If you have paid property tax by GIRO for the full year but the sale completes in, say, March, IRAS will refund the overpayment for the remainder of the year or credit it against future tax.
My AV went up significantly this year. Can I appeal, and will I have to pay while my objection is pending?
Yes, you can appeal any revision to your AV by filing an objection within 30 days of the Notice of New Annual Value. However, you are required to pay the tax based on the revised (higher) AV while your objection is under review — IRAS does not allow you to hold back payment pending an appeal. If your appeal is successful and the AV is reduced, IRAS will issue a refund for the excess tax already paid, with interest in some cases. File promptly: the 30-day window is counted from the date on the notice, not from when you received it.
The Progressive Rate Schedules (as of 2026-06)
There are two separate progressive schedules for residential properties: one for owner-occupiers and one for non-owner-occupiers (landlords, vacant investment units, and company-owned residential properties). Both are applied in stacked marginal bands, exactly like income tax -- each portion of AV is taxed at the rate for that band only.
Owner-Occupier Rates (effective 1 January 2025):
- First $12,000 AV: 0% -- tax payable $0
- Next $28,000 AV ($12,001-$40,000): 4% -- max band tax $1,120
- Next $10,000 AV ($40,001-$50,000): 6% -- max band tax $600
- Next $25,000 AV ($50,001-$75,000): 10% -- max band tax $2,500
- Next $10,000 AV ($75,001-$85,000): 14% -- max band tax $1,400
- Next $15,000 AV ($85,001-$100,000): 20% -- max band tax $3,000
- Next $40,000 AV ($100,001-$140,000): 26% -- max band tax $10,400
- Above $140,000 AV: 32%
Non-Owner-Occupier Rates (effective 1 January 2024):
- First $30,000 AV: 12% -- tax payable $3,600
- Next $15,000 AV ($30,001-$45,000): 20% -- max band tax $3,000
- Next $15,000 AV ($45,001-$60,000): 28% -- max band tax $4,200
- Above $60,000 AV: 36%
The gap between OO and NOO rates is stark. On an AV of $36,000 (a typical 2-bedroom condo in an outer district as of 2026-06), an owner-occupier pays $960 while a landlord pays $4,800 -- five times more. On an AV of $84,000 (a larger or prime-district unit), the owner-occupier pays $5,480 while the NOO bill reaches $19,440. This differential is by design: the progressive NOO schedule functions as a recurring holding cost that dampens speculative demand for investment condos. Use the ShiokNest Property Tax Calculator to run your own AV through both schedules side by side, and the Total Cost of Ownership Calculator to see property tax in the context of your full annual holding costs including mortgage, maintenance, and sinking fund.
Worked Examples
Example A -- Owner-occupied 2BR condo, AV $42,000 (as of 2026-06):
First $12,000 x 0% = $0
Next $28,000 x 4% = $1,120
Next $2,000 x 6% = $120
Total: $1,240/year
Example B -- Same unit rented out, AV $42,000:
First $30,000 x 12% = $3,600
Next $12,000 x 20% = $2,400
Total: $6,000/year -- $4,760 more than the owner-occupier bill.
Example C -- Premium owner-occupied 3BR in District 9, AV $90,000 (as of 2026-06):
First $12,000 x 0% = $0
Next $28,000 x 4% = $1,120
Next $10,000 x 6% = $600
Next $25,000 x 10% = $2,500
Next $10,000 x 14% = $1,400
Next $5,000 x 20% = $1,000
Total: $6,620/year
Comparing districts and unit types on the ShiokNest price heatmap can help you estimate the AV your unit might be assigned, since AV tracks closely with prevailing market rents by location.
Step by step
- Retrieve your current AV. Log in to myTax Portal, navigate to the Property section and select View Property Summary. Your current-year AV, effective date, and tax rate applied (OO or NOO) are displayed. Download the tax bill for your records -- it explicitly labels which schedule applies.
- Verify that owner-occupier rates are applied. Check your tax bill under the AV and Tax Rates column for the label Owner-Occupier Tax Rates. If you occupy the property but see Non-owner-occupier Residential Tax Rates instead, you need to apply for the concession (Step 3). IRAS does not apply OO rates automatically in all cases -- for newly purchased properties you must notify IRAS within 30 days of occupation.
- Apply for the owner-occupier concession if you have not already done so. Use the digital form under Apply for Owner-Occupier Tax Rates on myTax Portal. You must be an individual owner (not a company or trust) who physically resides in the property. The concession applies to only one property per owner or married couple -- if you own two homes, choose the one you actually live in. Backdating is limited, so apply promptly after moving in.
- Check your AV against market rentals. Pull recent rental transactions for comparable units in your project from the URA portal (free for the past 3 years). If prevailing market rents for similar units are materially below your AV, you have grounds to object. Compare floor level, furnishing exclusions, and unit size carefully -- IRAS strips out furniture and maintenance fees from rent figures.
- Lodge an AV objection if warranted. Submit an objection via myTax Portal under the Object to Annual Value section. The filing window is within 30 days of receiving your Valuation Notice. State the comparable rentals you have identified, include URA or HDB rental data as evidence, and specify the AV you believe is more appropriate. IRAS will review and notify you of the outcome. Objections are resolved without cost and do not require a lawyer.
- Set up GIRO for automatic payment. Property tax is assessed annually and due by 31 January. GIRO (direct debit from your bank account) is the most convenient method -- IRAS offers monthly GIRO spreading your bill across 12 instalments, which removes the lump-sum January outflow. Enrol via myTax Portal or your bank's internet banking portal. Late payment attracts a 5% penalty on the outstanding amount.
- Factor property tax into your rental yield calculation. If you are considering renting out your condo, the NOO schedule is a material cost. At AV $42,000, the landlord pays $6,000/year in tax -- roughly 0.5% of a $1.2M property value annually, on top of income tax on net rental income. Use the Total Cost of Ownership Calculator to model the after-tax picture before setting a rental price.
- Monitor annual Valuation Notices. IRAS typically issues revised AVs and updated tax bills in the last quarter of the year for the following year. Review any Valuation Notice immediately -- if the AV has risen materially and you believe it overstates market rent, the 30-day objection window starts from the notice date, not the bill date.
Frequently asked questions
How does IRAS determine the Annual Value of my condo if I have never rented it out?
IRAS estimates the AV based on market rental transactions for comparable units -- similar size, floor level, condition, and location -- using data from URA's rental records and its own valuation database. Your actual occupation status does not affect the AV; even an owner-occupied condo is assessed as if it were available for rent on the open market, stripping out furniture and maintenance fee components. IRAS reviews AVs annually, so your AV will shift with the rental market even if you have never received a dollar of rental income (as of 2026-06).
I own two condos. Can I get owner-occupier rates on both?
No. The owner-occupier concession applies to only one residential property per owner or married couple, regardless of whether both properties are occupied by the owners. If you and your spouse each own a separate property, IRAS treats you as a unit -- only one of those two homes can be designated the owner-occupied property for tax purposes. The other will be taxed at the higher non-owner-occupier residential rates even if you physically reside in it. Choosing which property to designate as owner-occupied has real financial consequences, so it is worth running the numbers on each AV using the Property Tax Calculator before deciding.
My condo is partly rented out -- I occupy one bedroom and rent the rest. Am I still eligible for owner-occupier rates?
Yes. IRAS explicitly permits partial tenancy -- if you continue to reside in the property while renting out part of it (for example, individual rooms), the property as a whole still qualifies for the lower owner-occupier progressive rates. The key requirement is that you, as the owner, physically occupy the property. This is a materially better outcome than full tenancy, where the non-owner-occupier schedule applies to the entire AV at significantly higher rates. You should still notify IRAS of your occupation status via myTax Portal to ensure the correct rates are on file (as of 2026-06).
How do I object to my Annual Value, and what evidence should I provide?
Submit an AV objection through myTax Portal within 30 days of receiving your Valuation Notice -- there is no fee. The most effective evidence is recent rental transactions for comparable units in your project or nearby projects of similar age and specification, available free via URA's rental statistics portal. When citing comparables, adjust for floor level (higher floors command a premium), unit size per square foot, and ensure the comparable excludes furniture and maintenance fees as IRAS does. IRAS will review your submission and issue a decision; if you are unsatisfied with the outcome, a further appeal can be made to the Valuation Review Board. Do not ignore a Valuation Notice -- if the 30-day window lapses, you lose the right to object for that assessment year.
When and how is property tax paid, and what happens if I miss the January deadline?
Property tax in Singapore is assessed on a calendar-year basis and the full annual amount is due by 31 January each year. IRAS sends tax bills in December for the following year, giving owners approximately four to six weeks to pay. The most practical option is GIRO, which spreads the payment across up to 12 monthly instalments automatically -- enrol via myTax Portal or your bank's internet banking. One-time payment is also accepted via internet banking, AXS, SAM, or cheque. If the 31 January deadline is missed, IRAS imposes a 5% late-payment penalty on the unpaid amount, with further surcharges if the default continues. Tax bills can be viewed and downloaded at any time via myTax Portal, and IRAS provides a full payment guide for all available channels (as of 2026-06).