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How is annual value of the property calculated?
The Annual Value of your property is the estimated annual rent of your property, excluding the rent for furniture, fittings and service charge. The basis is the same for let-out, owner-occupied or vacant properties. IRAS determines the Annual Value of the property by analysing rents of comparable properties. Example: Estimated rent of your property is $1,000 per month
Annual Value is: $1,000 x 12 = $12,000 Generally, IRAS reviews the AV of your property every year to ascertain whether it will remain the same or be revised. The AV of your property can be revised whenever market rents for similar properties change and may not reflect the actual rents of your property. Market rents may be affected by additions and alterations, demolition, rebuilding and improvements made to your property. You will be notified if there is a change to the AV of your property. The AV of a taxable property in Singapore is available on the Valuation List.
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