The Ministry of Finance and the Internal Revenue Service issued a joint statement saying that the authorities will raise the annual value of HDB and private homes from January next year due to the rising rental market.

In response to the rising real estate taxes and the high global inflation rate, the government decided to provide a one-time real estate tax rebate for HDB and private homeowners.

Since the annual value of one-bedroom and two-bedroom HDB flats remains below $8,000, owners of such flats will still not be required to pay property tax next year.

As for other types of HDB flats, after deducting the real estate tax rebate given by the government, they will have to pay between $30 and $70 more in real estate tax next year than this year.

The statement said that since the authorities adjusted the annual value of HDB flats in January this year, market rents for HDB and private homes have risen by more than 20 percent and the real estate tax for residential properties will be adjusted to reflect this from January next year.

HDB homeowners can check the median price of rents at the HDB website, while private homeowners can check the Urban Redevelopment Authority's website.

The statement said the rebate will automatically be deducted from the amount of real estate taxes to be paid next year.

The Internal Revenue Service also reminded all homeowners to pay their real estate taxes by the end of January next year.

Homeowners facing financial difficulties can seek assistance from the IRS before the real estate tax payment deadline. They can go to the IRS website to apply for an extension of the repayment period or contact the IRS at 1800 356 8300 to make alternative arrangements.