What is the Annual Value (AV) of a property in Singapore?

The Annual Value (AV) is the estimated annual rent your property could fetch on the open market if it were rented out, excluding furniture, furnishings, and maintenance fees. IRAS determines AV using comparable rental transactions from URA caveat data, reviews it annually, and uses it as the base on which property tax is calculated for both owner-occupied and non-owner-occupied properties.

How does IRAS determine my AV?

IRAS pulls rental transaction data for properties comparable to yours — same building or comparable buildings, similar size, floor band, lease remaining, and condition — primarily from URA caveat filings. They normalise each comparable for furnishings and unusual concessions, then apply unit-specific adjustments (view, floor level, age, condition) to land at your AV. The methodology is documented on iras.gov.sg/taxes/property-tax.

Why is my AV different from what I think my place could rent for?

Three reasons. First, AV excludes furniture and maintenance fees while your actual asking rent typically includes some of these. Second, IRAS uses transacted rents (caveat data), not asking prices, so a hot listing market does not move AV immediately. Third, AV revaluations are deliberately smoothed to avoid sharp year-over-year swings in property tax bills.

How much is property tax on a typical HDB flat?

Most owner-occupied HDB flats pay very little property tax. A 4-room HDB at AV $11,000 falls within the first $12,000 owner-occupied band taxed at 0%. A 5-room at AV $14,400 pays roughly $96/year. An Executive at AV $18,000 pays around $240/year. Non-owner-occupied rates start at 12% from dollar one, so rented-out HDB flats pay materially more.

What AV thresholds affect CHAS, GST Voucher, and U-Save?

Different schemes use different AV bands. CHAS: AV ≤ $21,000 = highest subsidy tier; AV $21,001–$31,000 = intermediate tier; AV > $31,000 generally not eligible. GST Voucher (Cash): AV ≤ $31,000. U-Save (HDB only): AV ≤ $21,000. Most HDB households qualify automatically across all three (HDB AVs sit below $20,000 for almost all flat types). Most private-property households do not qualify for CHAS-full or U-Save, but some may still qualify for GSTV-Cash. Always verify current cycle figures at lifesg.gov.sg / govbenefits.gov.sg.

Can I object to my AV if it looks too high?

Yes. You have 30 days from the date of the Valuation Notice (or the due date stated on your property tax bill) to file an objection with IRAS. Objections must be supported by evidence — typically recent tenancy agreements for comparable units, or a professional valuation. While IRAS reviews, you must still pay property tax based on the original AV; any refund is processed if the AV is reduced.

How often does IRAS revalue AV?

AV is reviewed annually. The Valuation Notice arrives toward the end of the calendar year (typically October–December) for the following year's property tax bill. Increases are usually modest (single-digit percent) but can move sharply in volatile rental markets — as they did in 2022–2023 when many HDB AVs rose 10–25% in a single revaluation cycle.

← Back to Articles

Annual Value of Property Singapore 2026: How IRAS Calculates AV

verifiedBy Smart Calculator Editorial·Verified against official .gov.sg sources·21 May 2026

Annual Value (AV) is what IRAS estimates your property would rent for — the base for property tax, CHAS, GST Voucher, and U-Save eligibility. How IRAS calculates AV in 2026, typical ranges by property type, and how to object if yours looks wrong.

Try the Calculator

Annual Value Estimator

Apply what you read — get an instant result.

Calculate →

The Annual Value (AV) of your Singapore property is, in IRAS's wording, "the estimated gross annual rent of the property if it were to be rented out, excluding furniture, furnishings and maintenance fees." It is the single number that determines your annual property tax bill, and the same number gates eligibility for CHAS subsidies, GST Voucher (Cash), and U-Save rebates. Get the AV wrong — or fail to update an owner-occupier flag — and you can overpay tax or miss benefits by hundreds of dollars a year.

This guide walks through how IRAS calculates AV in 2026, what typical AV ranges look like by property type, the AV thresholds that gate means-tested schemes, and what to do if the number on your Valuation Notice looks off.

Quick answer: AV in one paragraph

Singapore's Annual Value (AV) is the estimated annual market rent your property would achieve if rented out, calculated by IRAS using comparable URA rental caveats and reviewed annually. AV is the base for property tax (0–32% owner-occupied, 12–36% non-owner-occupied progressive bands) and the eligibility gate for CHAS, GST Voucher (Cash), and U-Save (cap: AV ≤ $21,000). Use the Annual Value Estimator to get the typical AV range for your property type, or check your exact AV on myTax Portal.

How IRAS calculates Annual Value

AV is not what you actually pay or receive in rent. It is what IRAS estimates a willing tenant would pay for your unit in an open-market transaction, bare of furnishings. The methodology has four steps:

1. Comparable selection. IRAS pulls rental caveats from URA for units similar to yours — same building where possible, otherwise same project type in the same area. Comparables are matched on size, floor band, age, and lease remaining (for private property).

2. Normalisation. Each comparable's rent is adjusted to a "bare" basis. Furnishing and maintenance contributions are stripped out. Unusual lease terms (e.g. very short leases, family-discount rents) are excluded.

3. Unit-specific adjustments. Floor level (higher = small uplift), view (sea/garden view = uplift), condition, and lease remaining (for private property — units with <60 years remaining typically attract a discount) are applied to bring the comparable rent to your specific unit's profile.

4. Rounding and publication. The resulting AV is rounded to the nearest $200 and published on your Valuation Notice, typically arriving in October–December for the following year's property tax bill.

Source: IRAS, Annual Value.

Typical AV ranges by property type (2026)

These are indicative ranges based on IRAS guidance and observable URA caveat patterns. Your specific AV will vary based on the four-step adjustment described above.

HDB

Flat type	Typical AV range
1-room	$2,400 – $3,600
2-room	$4,800 – $7,800
3-room	$5,000 – $11,000
4-room	$7,800 – $15,600
5-room	$10,000 – $19,200
Executive / Maisonette	$14,400 – $22,000

Almost all owner-occupied HDB flats fall within the first two owner-occupied tax bands (0% up to $12,000 AV, 4% up to $40,000 AV). The result: most owner-occupied HDB owners pay between $0 and a few hundred dollars per year in property tax.

Private condominium

Tier	1-bedroom	2-bedroom	3-bedroom	4-bedroom+
Mass market (OCR)	$18K–$36K	$24K–$48K	$36K–$66K	$48K–$90K
Mid-tier (RCR)	$24K–$48K	$36K–$66K	$48K–$90K	$66K–$132K
Luxury (CCR)	$36K–$78K	$54K–$120K	$84K–$200K	$132K–$400K

OCR = Outside Central Region. RCR = Rest of Central Region. CCR = Core Central Region. Most mass-market and mid-tier 2BR/3BR units sit in the 4–14% owner-occupied tax bands ($40K–$75K AV).

Landed

Landed type	Typical AV range
Terrace	$36,000 – $96,000
Semi-detached	$60,000 – $144,000
Detached / bungalow	$96,000 – $360,000
Good Class Bungalow	$240,000 – $600,000+

Landed AVs vary enormously based on land area, location, and condition. Good Class Bungalows in District 10–11 routinely have AVs above $400,000, putting them in the top 32% owner-occupied band.

The AV thresholds that gate means-tested schemes

Different schemes use different AV bands — there is no single universal cap. The three main schemes affected:

Scheme	AV band	What it provides
CHAS Subsidy — full tier	AV ≤ $21,000	Highest subsidy at participating GP and dental clinics
CHAS Subsidy — intermediate tier	AV $21,001 – $31,000	Lower subsidy tier (CHAS Blue/Orange)
GST Voucher (Cash)	AV ≤ $31,000	Annual cash payouts to lower-income households
U-Save	AV ≤ $21,000 (HDB households only)	Quarterly utilities rebates

Households living in homes with AV above $31,000 — typically larger private property and landed — generally do not qualify for any of these schemes. Most HDB households (AVs typically below $20,000) qualify across all three. Some mid-tier private-property households may qualify for GSTV-Cash but not for U-Save.

The caps are reviewed periodically by MOH (CHAS) and MOF (GSTV / U-Save). Always cross-check current cycle figures on lifesg.gov.sg and govbenefits.gov.sg before relying on them for a benefit application.

Sources: CHAS (chas.sg/eligibility-and-application), GSTV-Cash (supportgowhere.life.gov.sg/schemes/GSTV-CASH).

How to check your exact AV

Two ways:

myTax Portal (recommended). Log in with SingPass → "Property" → "View Property Dashboard". Your current AV is displayed alongside the property tax payable for the year. You can also see the AV history (typically 5 years) and switch the owner-occupier flag if you move in or out.

Valuation Notice. IRAS sends a paper or digital Valuation Notice in October–December each year, showing the AV for the following year. Keep it — you need to act within 30 days if you want to object.

How to object to your AV

If you believe your AV is materially inconsistent with comparable transacted rentals, you can object within 30 days of the Valuation Notice date. The process:

File the objection through myTax Portal or via Form IR8C-AV
Attach evidence: recent tenancy agreements for comparable units, or a professional rental valuation
State the AV you believe is correct, with reasoning
IRAS reviews and replies in writing — typically within 1–3 months

Important: while IRAS reviews, you must still pay property tax on the original AV. If your objection succeeds, the over-payment is refunded.

Objections are most often successful when the rental market has fallen sharply since the previous revaluation and IRAS's smoothing has not caught up — or when a unit has a specific defect (e.g. major construction next door, structural issue) that comparables in the same building do not have.

How AV intersects with property tax

Once you have your AV, the actual tax bill comes from applying the IRAS progressive rate schedule:

Owner-occupied residential (from 1 Jan 2025):

0% on first $12,000
4% on next $28,000 (to $40,000)
6% on next $10,000 (to $50,000)
10% on next $25,000 (to $75,000)
14% on next $10,000 (to $85,000)
20% on next $15,000 (to $100,000)
26% on next $40,000 (to $140,000)
32% above $140,000

Non-owner-occupied residential (from 1 Jan 2024, unchanged):

12% on first $30,000
20% on next $15,000 (to $45,000)
28% on next $15,000 (to $60,000)
36% above $60,000

Use the Property Tax Calculator once you know your AV. Or use the Annual Value Estimator to start from property type if you don't know the AV yet.

Common AV planning mistakes

Forgetting to switch occupier status when you move out. If you move out and rent the property, you must notify IRAS — the non-owner-occupied rate kicks in from the date you stop living there. Failing to switch results in a back-tax assessment plus penalties when IRAS catches it (typically through caveat or tenancy-stamp-duty triggers).

Buying a place expecting CHAS / GST Voucher to continue. If you upgrade from an HDB at AV $14,000 to a condo at AV $32,000, you lose eligibility on the AV test. Run the AV through the Annual Value Estimator before commit to understand the means-tested impact.

Treating the AV as the rent you can charge. AV is a backward-looking, smoothed estimate. Actual achievable rent today can be 10–30% higher in hot markets and lower in soft markets. If your AV is materially below current achievable rent, that's a signal IRAS may revalue upward at the next cycle — budget accordingly.

Related guides and calculators

Property Tax Calculator — once you know your AV, compute the exact tax bill
Rental Income Tax Calculator — for non-owner-occupied properties earning rental income
CHAS Subsidy Calculator — AV-based healthcare subsidy check
HDB Eligibility Guide — HDB-specific ownership rules
Buyer's Stamp Duty Guide — the BSD you pay at purchase