The HDB Yearly Price will be the approximated gross once-a-year rent a home could command if it ended up rented out, excluding furniture, furnishings, and upkeep expenses. This benefit, based on the Inland Revenue Authority of Singapore (IRAS), is a crucial factor in calculating the yearly house tax and isn't dependant on the flat's marketplace sale value. IRAS testimonials the Once-a-year Price of all Attributes annually, considering the marketplace rentals of similar or comparable Qualities inside the vicinity, together with the assets's sizing, locale, and condition. The way the Once-a-year Benefit is decided stays the exact same irrespective of whether the flat is proprietor-occupied, vacant, or rented out. House tax is then calculated by multiplying the Yearly Value from the prevailing tax price, that read more is progressive and varies significantly concerning operator-occupied and non-proprietor-occupied Qualities. For owner-occupied HDB flats, tax rates are significantly decreased to stimulate residence ownership.