The HDB Once-a-year Price may be the believed gross once-a-year rent a house could command if it were being rented out, excluding home furniture, furnishings, and servicing service fees. This value, determined by the Inland Income Authority of Singapore (IRAS), is a vital Think about calculating the once-a-year property tax and is not determined by the flat's current market sale price. IRAS evaluations the Yearly Worth of all Houses on a yearly basis, considering the market rentals of similar or comparable Qualities inside the vicinity, and also the assets's size, location, and situation. The way in which the Annual Value is determined remains exactly the same regardless of whether the flat is owner-occupied, vacant, or rented out. Property tax is then calculated by multiplying the Once-a-year Benefit because of the prevailing tax amount, which happens to be progressive and may differ appreciably involving proprietor-occupied and non-proprietor-occupied Qualities. For owner-occupied HDB flats, tax rates are significantly decreased to really get more info encourage household ownership.