1. How is Annual Value (AV) determined?
2. When will Annual Value (AV) be revised?
3. How to check the Annual Value (AV) of any property?
1. How is Annual Value (AV) determined?
A) Buildings
The AV is the estimated annual rent of your property if it were to be rented out, excluding the furniture, furnishings and maintenance fees. It is determined after analysing the rents of similar or comparable properties. The basis of determining the AV is the same whether the property is rented out, owner-occupied or left vacant. If your property is rented out, the AV could be higher or lower than your actual rents as the AV reflects the market rent at the time of review, while your actual rents were committed earlier.
Illustration (A):
Estimated market rent of your flat is $1,000 per month
Annual Value is: $1,000 x 12 = $12,000
B) Land and Development Site
The Annual Value is determined at 5% of its estimated freehold market value.
Illustration (B):
The market value of your land is $1,000,000
Annual Value is: 5% x $1,000,000 = $50,000
C) Some specialised properties
Certain categories of properties (such as hotels, ports, refineries, etc.) may be assessed using the statutory formula or prescribed methods of assessment.
For some properties (such as petrochemical and power plants, etc.) which are rarely let or where there is no rental evidence, valuation methods using costs and receipts may be used to estimate their market rents.
You may refer to the following for more information:
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2. When will the Annual Value (AV) be revised?
IRAS reviews the AV yearly to keep it in line with the market rents. A review may or may not result in a revision to the AV. If the review leads to an upward or downward adjustment to the AV, IRAS will send you a valuation notice to inform you of the revised AV and the effective date of the revision.
Should your property undergo physical changes that could materially affect its rental value, its AV would also be revised accordingly from the date of change.
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3. How to check the Annual Value (AV) of any property?
To check the current AV of your property, you need to log in to myTax Portal with your SingPass > View Property Portfolio/ Change Mailing Address (left-hand menu). The Annual Value shown here is as at today. To see if there is any change to the Annual Value after today, you may check from the last Valuation Notice sent to you under “View Correspondence/Notices”. The last Valuation Notice will indicate the latest Annual Value and the effective date of change to the Annual Value.
You may also make a search on the AV of any other property in the Valuation List.
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FAQs
IRAS would analyse the rents of comparable or similar properties that have been rented out and make adjustments to the values to account for differences in location, size, conditions and other physical attributes.
You can refer to rentals of private residential properties at URA website (Rentals for Private Residential Developments) and rentals of HDB flats at HDB website (Rentals for HDB Flats).
Annual Value is a gross amount inclusive of the above owner’s expenses. They cannot be deducted from the AV.
You may object to the AV and/or its effective date within 21 days from the date of the Valuation Notice. If you do not receive the Valuation Notice, you may also object to the AV at any time in the year if you can show that the market values have dropped to below the AV.
Yes. You may appeal to the Valuation Review Board (VRB) within 21 days of the notice on the outcome of your objection. You need to pay the following fees to VRB:
- $50 for a residential property taxed at owner-occupier tax rates
- $200 for any other property
In your appeal, you would have to state the grounds of your appeal and indicate whether you are represented by any agent.
You may contact us to pay by instalments. We will consider the payment arrangement on a case-by-case basis.