Annual Value (AV)
What is AV (Annual Value)?
Annual value (AV) is IRAS's estimate of the gross yearly rent a property could earn if it were rented out, excluding furniture, furnishings and maintenance fees. It is based on market rents of comparable properties, not the rent you actually receive, and it is the figure your property tax is calculated on.
Key facts
- What it is
- The estimated gross annual rent if the property were let out
- Excludes
- Furniture, furnishings and maintenance fees
- Based on
- Rents of similar rented properties, adjusted for location, size, condition and other attributes
- Reviewed
- Every year
- Objection deadline
- Within 30 days of the Valuation Notice
- Used for
- Property tax: annual value × tax rate
As of 6 Nov 2026. Source: IRAS.
How annual value is set
IRAS sets annual value as if the property were available to rent, whether you live in it, rent it out or leave it empty. It looks at what similar properties are actually renting for, then adjusts for differences in location, size, condition and other physical features. It uses rents rather than sale prices because rental transactions are more numerous and more stable.
- Included: the estimated rent for the property itself.
- Not included: furniture and furnishings, maintenance fees, and your own costs such as loan interest, utilities and insurance.
IRAS reviews annual values every year. If market rents change, you receive a Valuation Notice showing the new figure and the date it takes effect.
Example
IRAS estimates that a flat would rent for $3,000 a month.
| Step | Amount |
|---|---|
| Estimated monthly rent | $3,000 |
| Annual value (× 12) | $36,000 |
| Property tax at owner-occupier rates | $960 |
| Property tax at non-owner-occupier rates | $4,800 |
See property tax for the full rate tables.
Common mistakes
- Expecting the AV to match your lease. IRAS uses market evidence, so a below-market rent to a relative doesn’t lower it.
- Missing the 30-day window. The deadline runs from the date of the Valuation Notice. If you never received a notice, you can still object during the year if you can show that market values have fallen below your annual value.
- Withholding tax during an objection. Property tax is payable even while an objection or appeal is being considered.
Frequently asked questions
Is the annual value the rent I actually receive?
No. It is IRAS's estimate of the market rent, based on comparable rented properties. It applies whether the home is owner-occupied, rented out or vacant.
Can I deduct expenses from the annual value?
No. IRAS says expenses such as loan interest, utilities and insurance cannot be deducted for property tax purposes.
How do I object to my annual value?
Object within 30 days of the Valuation Notice. If IRAS disallows the objection, you can appeal to the Valuation Review Board within 30 days of that decision. Property tax is still payable while the objection or appeal is pending.
Where can I check my annual value?
On myTax Portal under View Property Summary, which shows the current year and up to four past years.
Related terms
Sources
- Annual value (IRAS)
- Object to annual value (IRAS)
- Property tax rates and sample calculations (IRAS)
Every figure on this page was checked against the official government sources above on 6 Nov 2026. See our editorial policy.
This is general information, not financial, legal or tax advice.