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How to Calculate the Annual Value of Your Property in Singapore (2024)

How to Calculate the Annual Value of Your Property in Singapore (2024)
How to Calculate the Annual Value of Your Property in Singapore (2024)

The annual value of your property is something you need to know if you’re a property owner. That’s because you should be paying property taxes, based on the annual value of your property in Singapore. If you’re not a homeowner yet, at some point in your life, you will end up paying property taxes.

That’s why it’s important for you to know how to calculate the annual value of your property. The Budget 2024 announcements saw lower property tax bills for property owners, which is good news for homeowners.

We’ll go over these updated rates and how to check the annual value of your property in Singapore. Want to know how much your property is valued instead? Use our property valuation tool.

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Annual Value of Property in Singapore: An Overview

What does annual value mean?

It is the estimated gross annual rent that you can rent your property out for (excluding furniture, furnishings, and maintenance fees)

How to check the annual value of a property?

Log in with your SingPass via the IRAS website

How does IRAS calculate property annual value?

IRAS’s five considerations for determining annual value:
– Rentals of similar properties in the area
– Property size
– Property location
– Property condition
– Other relevant physical attributes

How to calculate the annual value of your property on your own?

You can make an estimate based on the property rentals around your area

Property Annual Value and Its Tax Implications

A common misconception is that property value in Singapore is somehow directly tied to valuation. Those are in fact two different things. Property annual value, as defined by the IRAS, is the “estimated gross annual rent of the property if it were to be rented out, excluding furniture, furnishings and maintenance fees.”

That’s a simple and straightforward definition. But the keyword here is “estimated”. The government doesn’t care about the actual rental income you may be receiving. It only cares about what the market thinks.

This means that if you rent out your (unfurnished) property at a rate far below the market price, your annual value would still be the same as comparable properties – and you would have to pay the same property tax.

You can find the relevant property tax rates here, which are expressed as a percentage of annual value. Keep in mind that property taxes on non-owner-occupied properties are significantly higher than owner-occupied ones. This applies to HDB flats as well as private properties.

How to Check the Annual Value of Property in Singapore

As the IRAS is the final arbiter on what your property’s annual value is, they are also the place to refer to for looking it up. To check your property’s annual value, log in to myTax Portal using your SingPass. You can look up the annual value for the current year and the past five years anytime you wish.

However, you are not limited to just your own property’s annual value. Annual values can help give you a gauge of an area’s rental rates, which may be useful in making renting or purchasing decisions. The above portal also lets you pull up the property annual value of other properties – but for a $2.50 fee per search. 

That said, you can find broad statistics on annual values for free online. And these statistics reveal a huge discrepancy between private properties and HDB flats.

To make things simple, IRAS has a full breakdown of the property tax payable, depending on your annual value, for owner-occupied residential properties. This applies to HDB flats, condominiums, or any other residential properties where the owner is residing in the property.

Owner-occupier Tax Rates in Singapore (2024)

Annual value for owner-occupied residential properties

Property tax rate effective 1 January 2024

First $8,000

0%

Next $22,000

4%

Next $10,000

6%

Next $15,000

10%

Next $15,000

14%

Next $15,000

20%

Next $15,000

26%

Above $100,000

32%

The higher your annual value, the more you would have to fork out in taxes. But the good news is that for the average HDB-dwelling Singaporean, this amount is fairly low.

In the Budget 2022 announcements, tax rates were to be increased as a ‘wealth tax’. However, as property tax payable is calculated based on a property’s annual value, the strong rental demand and high rental prices have pushed up the annual value of property in Singapore sharply. The latest Budget 2024 saw a revision in response to this significant increase, with the proportion of affected owner-occupied residences doubled.

Owner-occupier Tax Rates in Singapore (2025)

Annual value for owner-occupied residential properties

Property tax rate effective 1 January 2024

First $12,000

0%

Next $28,000

4%

Next $10,000

6%

Next $25,000

10%

Next $10,000

14%

Next $15,000

20%

Next $40,000

26%

Above $140,000

32%

Non-owner-occupier Tax Rates

Annual value for non-owner-occupied residential properties

Property tax rate effective 1 January 2024

First $30,000

12%

Next $15,000

20%

Next $15,000

28%

Above $60,000

36%

For non-occupied properties, the property tax rate is slightly different. There was no change introduced in the Budget 2024 announcements. Calculating non-owner-occupier tax rates can be a little trickier.

While data for rentals for similar properties in an area are easy to find, where it gets tricky is estimating the allowance for furniture, furnishings, and maintenance fees.

So, let’s say that using PropertyGuru rental listings, you discover that comparable rentals for your unit are about $3,000. You think that a reasonable allowance for furniture, furnishings, and maintenance is $1,000 a month, for a property annual value of $24,000. The IRAS disagrees and duly informs you that your annual value is $30,000, meaning their allowance estimate was $500 a month. 

If you disagree with the government’s assessment of your annual value, you can head over to the myTax portal and electronically file an objection. Make sure you include the Notice Number stated in your latest property tax notice.

Note that while the first objection is free, if it is unsuccessful and you wish to further appeal to the Valuation Review Board, it will cost you $50 (owner-occupied) or $200 (non-owner-occupied) each time. While possible, only commercial or industrial property owners will likely bother filing such appeals.

Other Uses of Property Annual Value (That Don’t Involve Paying Money)

The most obvious implication of your property’s annual value is your property taxes. But as we mentioned in the intro, there’s more to it than that. You see, the government also uses annual values as a gauge of your financial position, meaning that several incentives are tied to this number.

One instance would be the GST Voucher Scheme. Citizens with assessable incomes of up to $34,000 and a home with an annual value not exceeding $25,000 are eligible to receive GST Vouchers.

For more property news, content and resources, check out PropertyGuru’s guides section.

Looking for a new home? Head to PropertyGuru to browse the top properties for sale in Singapore.

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