Photo by Shi Min on Unsplash

Budget 2024: Government raises annual value band property tax threshold 

The lower threshold will be increased to $12,000.

Deputy Prime Minister Wong said the government will increase the annual value (AV) band property tax threshold in 2025.

From the current lower threshold for AV Bands at $8,000 and below for a 0% owner-occupier residential property tax, the threshold will be increased to $12,000.

The upper threshold with 32% property tax rates will be raised to $140,000 and above, from $100,000.

Wong said the two-step increase in the property tax rate in 2022 was meant as a wealth tax for all investment properties and higher-end segments of owner-occupied private properties.

However, the increase in market rents due to strong demand and supply constraints resulted in a sharp increase in AV bands.

Property taxes were originally expected to affect only the top 7% of owner-occupier residential properties, but those affected nearly doubled to 13%.

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