Owners of the four- and five-room Housing & Development Board (HDB) flats in Singapore will have to pay S$5 to S$29 more in 2012, as the annual values of housing board flats revised upwards.

It may be noted here that property tax payable is computed on the basis of annual values of the property.

The revision, which comes in response to the increase in market values, will take effect from 1st of January 2012. The values of all properties including HDB flats are reviewed annually by the Inland Revenue Authority of Singapore.

Owner-occupiers of three-room HDB flats will see their property taxes soaring to up to S$41, S$5 more than what they are paying in the current year. Owners of the four- and five-room flats will see their property taxes jump to between S$77 and S$173.

However, Singaporeans living in one- or two-room HDB apartments will not have to pay any property tax next year.

According to Inland Revenue Authority of Singapore, market rents have increased by around 20 per cent and 28 per cent during 2010 and 2011.

The annual values of all housing board flats were last revised on 1st of January 2010.