The HDB Yearly Price will be the believed gross once-a-year rent a house could command if it were being rented out, excluding furnishings, furnishings, and servicing service fees. This value, determined by the Inland Income Authority of Singapore (IRAS), is a vital Consider calculating the once-a-year assets tax and is not according to the flat's market place sale rate. IRAS reviews the Annual Value of all Qualities every year, taking into account the market rentals of similar or comparable properties within the vicinity, and also the assets's sizing, location, and situation. The way in which the Annual Value is determined remains the identical regardless of whether the flat is owner-occupied, here vacant, or rented out. Property tax is then calculated by multiplying the Annual Benefit via the prevailing tax level, that is progressive and varies significantly between operator-occupied and non-proprietor-occupied Homes. For owner-occupied HDB flats, tax prices are significantly lessen to persuade household ownership.