Buildings and comparable rents
A building’s Annual Value estimates gross annual market rent, excluding furniture, furnishings and maintenance fees. IRAS considers comparable nearby rents, size, location, condition and other physical features. Owner occupation or vacancy does not remove property tax. Market evidence can cause an Annual Value revision even where the owner’s own tenancy has not changed.
Land and specialised properties
Vacant land and development sites generally use 5% of estimated freehold market value. Specialised properties may use statutory capital-value or other valuation approaches; hotels and ports have specified gross-receipts methods. Check the property category and the linked tax guide before applying a residential rental method to industrial or specialised assets.
Official source
A concise, independent Apex Gateway guide based on the official English source, not a reproduction of the complete document. Consult the original for full conditions, exceptions and subsequent updates.
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