The IRAS (Inland Revenue Authority of Singapore) annual rent valuation refers to the process of determining the Annual Value (AV) of a property for tax purposes. The Annual Value is the estimated gross annual rent that the property could fetch if it were rented out, excluding furniture, furnishings, and maintenance fees.
### Key Points about IRAS Annual Rent Valuation:
1. **Purpose:**
- The Annual Value is used to calculate property tax, which is payable annually by property owners.
2. **Assessment:**
- IRAS assesses the Annual Value based on prevailing market rental rates for similar properties in the vicinity. Factors such as location, size, and condition of the property are considered.
3. **Annual Value (AV):**
- The AV is the estimated annual rent a property can fetch if rented out. It is not necessarily the actual rent being collected but an estimation based on market conditions.
4. **Calculation of Property Tax:**
- Property tax is calculated as a percentage of the AV. The tax rate varies depending on whether the property is owner-occupied or non-owner-occupied.
- For owner-occupied residential properties, a progressive tax rate ranging from 0% to 16% applies.
- For non-owner-occupied residential properties, the tax rate ranges from 10% to 20%.
5. **Review and Update:**
- The Annual Value is reviewed periodically to ensure it reflects current market conditions. Property owners may receive notices from IRAS if there are changes in the AV.
6. **Disputes:**
- If a property owner disagrees with the assessed Annual Value, they can file an objection with IRAS, providing evidence to support their claim for a lower valuation.
### Example of How Property Tax is Calculated:
- **Annual Value (AV):** $36,000 (example figure)
- **Tax Rate (Owner-Occupied):**
- 0% on first $8,000 of AV
- 4% on next $47,000 of AV
**Calculation:**
- 0% of $8,000 = $0
- 4% of $28,000 (remaining AV) = $1,120
**Total Property Tax Payable:** $1,120
### How to Check Your Property's Annual Value:
1. **Login to IRAS Portal:**
- Property owners can log in to the IRAS e-Services portal using their SingPass to check the Annual Value of their property.
2. **Property Tax Bill:**
- The AV is also stated on the annual property tax bill sent by IRAS.
For more detailed information, property owners can visit the IRAS website or contact IRAS directly.
WhatsApp me at: ABLE Toh (65) 98 56 92 55 or through this link.:https://wa.me/6598569255
----------------------------888--------------------------------888--------------------------->>>
"If you need more assistance with property matters:
like renting / selling, buying / or investing, I'm here to help!
WhatsApp me at: ABLE Toh (65) 98 56 92 55 or through this link.:https://wa.me/6598569255
(Unfortunately, this platform doesn't allow direct contact, but you can easily reach me )
(***) You can check out my reviews here:
https://www.propertyguru.com.sg/agent/able-s-k-toh-61591.
For buyers, I offer solutions for sourcing resale and new private homes at no charge.
I can connect you with reputable bankers for private housing loans free of charge and with no obligation.
I also have partners to assist with mortgage home insurance matters.
Let's seal this affinity by technology; please PM me your contact for assistance with your real estate needs. So, I believe in Affinity (Chinese word: 缘份) :), let's SEAL this AFFINITY Not by blood but by Technology > Please PM, Private Message your contact so that I CAN BE (EXTRA) PAIR OF HANDS / BRAIN and LEGS to Assist you NOW or FUTURE REAL ESTATE NEEDS!
*** You can reach me at my Singapore mobile: (65) 98 56 92 55 or email me at Able.selling@gmail.com.
From: ABLE Toh- Your Property ASSISTANT : )
“ i am ABLE to Help As Much As You are ABLE To PM (Private Message) me ”
XXXXX The End XXXXXXX
Read More