The property being assessed
Mr Lim and his family live in a recently completed bungalow on Orchid Street. It has gross floor area of 450 square metres, land of 650 square metres and a swimming pool. These physical attributes are considered in comparing the house with other rental properties.
All five illustrative rent comparisons
The table lists: 16 Orchid Lane, GFA 400–500 sqm, land 500–600 sqm, additional attributes yes, monthly rent S$23,000; 21 Rose Street, GFA 400–500, land 700–800, no additional attributes, S$25,000; 20 Orchid Street, GFA 400–500, land 700–800, additional attributes yes, S$25,750; 4 Orchid Road, GFA 300–400, land 400–500, no additional attributes, S$32,000; and 4A Lily Street, GFA 500–600, land 500–600, additional attributes yes, S$34,000. All data are hypothetical, not actual transactions or direct benchmarks for another reader’s property.
Annual value after allowances
Similar homes in the illustration rent for S$23,000–S$34,000 a month. After considering the bungalow’s attributes and allowing reasonably for furniture and furnishings, IRAS assesses annual value at S$198,000, equivalent to S$16,500 a month. The document therefore distinguishes gross rents used as evidence from the eventual annual-value figure.
Owner occupation and the 2025 bill
The example’s property tax is S$36,580 using owner-occupier rates, and the owner receives the 2025 owner-occupied residential property rebate. The source states that the final bill depends on annual value, applicable rates and any rebate. These dated example amounts are not a current valuation or a universal tax calculation for every new bungalow.
Official source
This article independently explains the substantive contents of the official PDF, including the relevant conditions, procedures and annexes. The linked document remains the authoritative source for its original wording, and later changes should be checked separately.
Read the official PDF ↗