Annual Value

Tax Matters ⎬ Annual Value
Annual Value
The Annual Value (AV) of your property is the estimated annual gross rental amount of your property, excluding the rent for furniture, fittings and service charge. The AV basis is the same for let-out, owner-occupied or vacant properties.

If your property can fetch a rent of $8,000 per month
The AV is: $8,000 x 12 = $96,000

Generally, IRAS reviews the AV of your property every year to ascertain whether it will remain the same or be revised. The AV of your property can be revised whenever market rents for similar properties in the same locality change and it may / need not necessarily be the same as the actual rents of your property.

Market rents may be affected by additions and alterations, demolition, rebuilding and improvements made to your property. You will be notified if there is a change to the AV of your property.

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Annual Value of Land and Land Under Construction
The Annual Value (AV) is 5% of estimated value of land.

Example:
Vacant land with area of 1000 sqm sold at market vaket of $2,000 per sqm

Value of land (GFA) = land area x rate
= 1,000 x $2,000
= $2,000,000
Annual Value = 5% x GFA
= 5% x $2,000,000
= $100,000 per year

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Objection to Annual Value Assessment
If you do not agree to the proposed AV, you may formally file an objection within 21 days of service of notice of assessment (or re-assessment). Thereafter, you may still object to the AV if anytime during the current year, if they have evidence to show that the AV of their property is excessive.

*The Chief Assessor may disallow or allow objection to assessed Annual Value. The Comptroller of property tax may disallow or allow back recovery of tax.

Aggrieved owner may appeal to Valuation Review Board (VRB) within 21 days of service of notice or to High Court.

Notice of Objection Form.

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You can find out the current AV of your property from View Property Portfolio by logging in to myTax Portal with your SingPass. You can also find out the AV of a property using e-Valuation List (EVL),

For more information, please visit Inland Revenue Authority of Singapore

*Please note that information provided is as it is basis, whilst every effort has been made to provide up-to-date information. The author is not responsible for inaccuracies or whatsoever as a result from using this information.

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