The tax office issued a joint statement saying that the annual value of most homes, including private homes and HDB flats, will be increased from January 1 next year to reflect the rise in the rental market.

The IRS reviews the annual value of homes every year for the purpose of calculating real estate taxes. Since the last annual value review, rents for HDB and private homes have increased by more than 20%.

All homeowners living in their own homes are entitled to a one-time 60% real estate tax rebate of up to $60.

One- and two-bedroom HDB flats will still have an annual value of less than $8,000 next year, so homeowners will not have to pay real estate taxes, but owner-occupiers of larger HDB flats will have to pay more. After deducting the rebate, they will have to pay $30 to $70 more than this year.

In the case of three-bedroom HDB flats, after deducting the rebate, homeowners will have to pay $20.80 to $40 in real estate taxes next year, $7.20 to $30.40 more than this year.

Four-room homeowners will have to pay $107.20 to $155.20, $33.60 to $45.60 more than this year.

Five-room homeowners will have to pay $40.80 to $52.80 more next year, reaching $148 to $196.

Apartment-style HDB homeowners will have to pay $176.80 and $224.80, which is $55.20 to $67.20 higher than this year.

Houses with higher annual values will also see higher real estate tax increases after rebates.