Most home owners will pay less property tax next year, a reflection of prevailing market rentals.

The drop is across the board for HDB flats, with three-room flat owners paying nothing or up to $18.40 (compared with up to $37.60 this year) and five-room flat owners paying $83.20 to $131.20 next year.

Almost all private residential property owners will find their bills either lower or unchanged, said the Inland Revenue Authority of Singapore. In the 12 months to March 31, it collected $853 million from private residences and $134 million from HDB flats.

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