The HDB Once-a-year Benefit would be the believed gross annual lease a residence could command if it were rented out, excluding home furniture, furnishings, and routine maintenance fees. This value, determined by the Inland Profits Authority of Singapore (IRAS), is an important Think about calculating the once-a-year property tax and is not depending on the flat's current market sale rate. IRAS critiques the Annual Value of all Homes every year, making an allowance for the industry rentals of comparable or equivalent Attributes in the vicinity, in addition to the house's measurement, spot, 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 because of 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 reduced to motivate house possession.