Property Tax Increment on Non-Owner-Occupied Properties to Address Wealth Inequality

Mr Shawn Loh asked the Prime Minister and Minister for Finance (a) whether the Government has any further plans to increase property taxes on non-owner-occupied properties, in order to address wealth inequality; and (b) if so, what are the considerations for these plans.

Mr Jeffrey Siow: Non-owner-occupied residential properties are subject to higher property tax rates as they are mainly investment properties.

To enhance the progressivity of our property tax system, we increased non-owner-occupier residential tax rates in 2023 and 2024, from 10% to 20% to the current 12% to 36%.

We will continue to review our property taxes to maintain a progressive and fair system of taxes and transfers.