The HDB Annual Value could be the estimated gross yearly lease a assets could command if it had been rented out, excluding household furniture, furnishings, and routine maintenance charges. This worth, determined by the Inland Profits Authority of Singapore (IRAS), is an important Think about calculating the annual home tax and is not determined by the flat's current market sale price. IRAS critiques the Yearly Worth of all Homes every year, making an allowance for the market rentals of comparable or equivalent properties in the vicinity, in addition to the house's measurement, site, and affliction. How the Once-a-year Price is set stays the identical regardless of whether the flat is owner-occupied, vacant, or rented more info out. Property tax is then calculated by multiplying the Annual Benefit via the prevailing tax level, which happens to be progressive and may differ appreciably involving proprietor-occupied and non-owner-occupied properties. For operator-occupied HDB flats, tax premiums are considerably decrease to motivate residence ownership.