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 determined by the flat's current market sale price. IRAS critiques the Yearly Worth of all Homes per year, making an allowance for the market rentals of comparable or equivalent properties in the vicinity, in addition to the house's measurement, spot, and affliction. Just how the Once-a-year Price is set stays the identical regardless of whether here the flat is owner-occupied, vacant, or rented out. Property tax is then calculated by multiplying the Annual Benefit via the prevailing tax level, which is progressive and may differ noticeably involving proprietor-occupied and non-proprietor-occupied Qualities. For owner-occupied HDB flats, tax fees are significantly decrease to stimulate residence ownership.