The HDB Once-a-year Value is definitely the estimated gross yearly lease a assets could command if it have been rented out, excluding home furnishings, furnishings, and maintenance costs. This price, based on the Inland Earnings Authority of Singapore (IRAS), is a crucial factor in calculating the annual house tax and isn't dependant on the flat's market sale value. IRAS testimonials the Once-a-year Price website of all Attributes annually, taking into consideration the marketplace rentals of similar or similar Homes from the vicinity, as well as the property's size, area, and problem. The best way the Yearly Worth is determined remains exactly the same regardless of whether the flat is owner-occupied, vacant, or rented out. Property tax is then calculated by multiplying the Once-a-year Benefit via the prevailing tax charge, which can be progressive and varies noticeably among operator-occupied and non-owner-occupied Homes. For operator-occupied HDB flats, tax charges are significantly lower to really encourage house ownership.