The HDB Once-a-year Benefit could be the estimated gross annual lease a assets could command if it were rented out, excluding household furniture, furnishings, and routine maintenance fees. This worth, determined by the Inland Profits Authority of Singapore (IRAS), is an important Think about calculating the annual property tax and is not determined by the flat's current market sale price. IRAS critiques the Annual Worth of read more all Homes per year, taking into account the market rentals of similar or comparable properties within the vicinity, plus the house's dimensions, site, and affliction. Just how the Once-a-year Price is set stays precisely the same regardless of whether the flat is proprietor-occupied, vacant, or rented out. Home tax is then calculated by multiplying the Annual Value by the prevailing tax rate, which is progressive and may differ noticeably concerning operator-occupied and non-proprietor-occupied Qualities. For owner-occupied HDB flats, tax rates are significantly decreased to stimulate property ownership.