Property tax hikes unlikely to affect home prices, though tenants in central areas may face higher rents: Analysts

SINGAPORE — Some property analysts expect the recently announced property tax hikes to have minimal impact on housing prices but warned that landlords in central districts may pass on the increase to tenants.

An owner of a “very large” landed property with an annual value of S$150,000 will have to pay S$15,400 more in property tax Mr Andrew Chua, who works as a banker and rents a studio apartment along Beach Road with his girlfriend, said that his landlord has not told him whether the rental fee will be raised when his one-year lease ends in October this year.

“The current rental market condition is positive and most landlords will seek some rent increment on renewal,” he said. “The increase in property tax is aimed at enhancing the tax system, to ensure that it is fairer and more progressive. We do not expect the tax change to affect home sales or price,” she added.

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