The HDB Once-a-year Value is definitely the approximated gross once-a-year hire a house could command if it were being rented out, excluding home furniture, furnishings, and routine maintenance fees. This worth, determined by the Inland Profits Authority of Singapore (IRAS), is an important factor in calculating the annual home tax and is not based upon the flat's market sale value. IRAS testimonials the Once-a-year Price of all Attributes yearly, taking into consideration the marketplace rentals of comparable or similar Houses during the vicinity, along with the home's measurement, spot, and affliction. Just how the Once-a-year Price is decided stays the exact same irrespective of whether the flat is proprietor-occupied, here vacant, or rented out. House tax is then calculated by multiplying the Yearly Worth through the prevailing tax charge, that's progressive and differs substantially among owner-occupied and non-owner-occupied Attributes. For operator-occupied HDB flats, tax premiums are considerably reduced to motivate house ownership.