The HDB Once-a-year Value is definitely the approximated gross yearly hire a property could command if it have been rented out, excluding furniture, furnishings, and upkeep 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 of all Attributes annually, considering the marketplace rentals of similar or similar Homes while in read more the vicinity, and also the assets's sizing, location, and condition. The way the Annual Benefit is decided continues to be the exact same irrespective of whether the flat is proprietor-occupied, vacant, or rented out. House tax is then calculated by multiplying the Yearly Value from the prevailing tax price, that is progressive and varies significantly between operator-occupied and non-proprietor-occupied Homes. For owner-occupied HDB flats, tax rates are significantly decreased to really encourage property ownership.