How to Check Annual Value of Property in Singapore

Understanding the annual value of your property in Singapore is crucial for various financial and administrative purposes. This guide provides a step-by-step approach to checking the annual value of your property, ensuring you have accurate and up-to-date information.

What is the Annual Value of Property?

The annual value (AV) of a property is an estimate of the rental income it can generate in a year. This value is determined by the Inland Revenue Authority of Singapore (IRAS) and is used for calculating property taxes.

Why is the Annual Value Important?

• Property Tax: AV is used to calculate the property tax payable.
• Financial Planning: Helps in understanding the potential rental income.
• Market Analysis: Provides insights into property market trends.

Steps to Check the Annual Value of Property

Step 1: Log in to MyTax Portal

• Access MyTax Portal: Visit the MyTax Portal and log in using your SingPass or IRAS Unique Account (IUA).

Step 2: Navigate to Property Information

• Property Section: Once logged in, navigate to the “Property” section on the portal.

Step 3: View Property Details

• Annual Value: Select the property you wish to check, and view the details including the annual value.

Step 4: Check Latest Annual Value

• Latest Update: Ensure you are looking at the latest annual value, which is updated periodically by IRAS.

Additional Methods to Check Annual Value

Method 1: Property Tax Bill

• Tax Bill: Your property tax bill, sent by IRAS, includes the annual value of your property.

Method 2: Enquiry through IRAS

• Direct Enquiry: Contact IRAS directly via their hotline or email to enquire about the annual value.

Factors Affecting Annual Value

• Location: Properties in prime locations generally have higher AV.
• Property Type: Residential, commercial, and industrial properties have different AV standards.
• Market Conditions: Changes in the property market can affect AV.

Tips for Property Owners

• Stay Informed: Regularly check the AV of your property for accurate financial planning.
• Appeal if Necessary: If you believe the AV is inaccurate, you can appeal to IRAS with supporting documents.

Common Questions About Annual Value

Q1: How often is the Annual Value updated?

• Frequency: The AV is reviewed and updated annually by IRAS.

Q2: Can I appeal the Annual Value?

• Appeals: Yes, property owners can appeal the AV by submitting a formal request to IRAS.

Q3: Does the AV affect my mortgage?

• Mortgage Impact: While AV primarily affects property tax, it can also influence loan eligibility and property insurance.

Summary

Checking the annual value of your property in Singapore is a straightforward process through the MyTax Portal or by consulting your property tax bill. Understanding the AV helps in effective financial planning and ensures you are aware of your property’s rental potential.