The HDB Annual Worth is the approximated gross once-a-year hire a home could command if it ended up rented out, excluding furnishings, furnishings, and upkeep expenses. This benefit, determined by the Inland Revenue Authority of Singapore (IRAS), is a vital Consider calculating the yearly residence tax and isn't based on the flat's marketplace sale price tag. IRAS opinions the Once-a-year Price of all Attributes annually, taking into consideration the marketplace rentals of similar or similar Houses from the vicinity, along with the home's dimension, area, and issue. The best way the Yearly Worth is determined remains the identical regardless of whether the flat is owner-occupied, vacant, or rented out. read more Property tax is then calculated by multiplying the Once-a-year Benefit via the prevailing tax level, which happens to be progressive and may differ noticeably involving proprietor-occupied and non-proprietor-occupied Qualities. For owner-occupied HDB flats, tax rates are significantly decreased to stimulate property ownership.