About Annual Value

The basis for determining and revising the AV of buildings, land and development sites, and specialised properties.

Determining AV of Buildings

The AV of buildings is the estimated gross annual rent of the property if it were to be rented out , excluding furniture, furnishings and maintenance fees. It is determined based on estimated market rentals of similar or comparable properties.

Example 1: AV of Flat

 

Please see case study of AV of residential properties for a better understanding on how AV is determined.

The way the AV is determined is the same regardless of whether the property is owner-occupied, vacant or rented out.

The property tax payable is derived by subsequently applying the relevant tax rate (%) on the AV.

In determining the AV of a building, IRAS considers:

  1. rentals of similar or comparable properties in the vicinity;
  2. the size of the property;
  3. location of the property;
  4. the condition of the property; and
  5. other relevant physical attributes.

Determining AV of Land and Development Sites

The AV of land and development sites is determined at 5% of the estimated freehold market value. This applies to both vacant land and land under construction.

The freehold market value of your land is $5,000,000.

Annual Value = 5% X $5,000,000 = $250,000

Determining AV of Specialised Properties

Specialised properties are properties that are rarely rented out such as refineries, petrochemical and power plants.

The AV of specialised properties may be assessed using the following methods:

     

The AV of the property may be determined based on 5% of the freehold capital value .

      
     

The AV of the property may be determined using methods such as Profit's Method and Contractor's Test. This involves using costs and receipts to estimate the market rents of the properties.

      

For hotels and ports, their AV will be determined using the Statutory Gross Receipts Method.

For more details, please refer to the following e-Tax Guides:

Review of the AV

IRAS reviews the AV of properties yearly to reflect the changes in the market rental values of comparable properties. The AV will be amended if the latest market rent data no longer support your existing AV.

If your property undergoes physical change that could materially affect its rental value, IRAS will also revise your AV from the date of change.

IRAS will send property owners a Valuation Notice informing them of any upward or downward adjustment to the AV and the date when it is to take effect.

Checking the AV of your Property

You can check the AV of your property using our e-Service. All AVs shown are as at current date.

  1. Log in to mytax.iras.gov.sg with your SingPass.
  2. Under "e-Services for Property Tax" on the left-hand menu, select "View Property Portfolio / Change Mailing Address".

To see if there is any change to the Annual Value after today, you can check from the last Valuation Notice sent to you under our e-Service "Notices".  The last Valuation Notice will indicate the latest Annual Value and the effective date of change to the Annual Value.

You can also check the AV of any property using the e-Valuation List at a fee of $2.50 per search.

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