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How is Annual Value of the property being calculated? |
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Annual Value is the estimated annual rent of your property assuming it is let out. Amount excludes the rent for furniture and fittings and the service charge. The Annual Value is determined in the same manner regardless of whether the property is let, owner-occupied or vacant.
Example:
If your house can fetch a rent of $2,000 per month,
Annual Value is $2,000 X 12 = $24,000 |
When a building is demolished, an assessment will be raised on the land under development or vacant land. The Annual Value of the land is determined at 5% of the value on freehold basis.
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