The HDB Yearly Worth will be the approximated gross once-a-year hire a home could command if it ended up 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 yearly assets tax and isn't according to the flat's industry sale selling price. IRAS assessments the Once-a-year Value of all properties each year, bearing in mind the industry rentals of comparable or equivalent Attributes during the vicinity, along with the home's dimension, area, and issue. How the Yearly Worth is set remains the identical regardless of whether the flat is owner-occupied, vacant, or rented out. Property tax is then calculated by multiplying the Once-a-year Benefit via more info the prevailing tax amount, which happens to be progressive and may differ appreciably involving proprietor-occupied and non-owner-occupied properties. For operator-occupied HDB flats, tax premiums are considerably decrease to motivate residence ownership.