We refer to Mr Dennis Ong’s letter “Iras should give more details on how it assesses annual value of properties” (Oct 22). The annual value of a property is the estimated annual rental value a property would yield when let.

The Inland Revenue Authority of Singapore continually monitors the property market, trends and market rental values of comparable properties in the vicinity.

Economic and physical changes that affect the rental value and upward or downward trends in the vicinity are some factors that can also affect a property’s annual value any time of the year.

Where the annual value is no longer in line with market rental values of comparable properties, Iras will revise it accordingly.

Property market information such as rentals of private retail and office properties, based on rental contracts lodged for stamp duty, are available on the Urban Redevelopment Authority’s website.

Property owners who wish to enquire further about their annual values may contact Iras. We have explained to Mr Ong how the revised annual value of his commercial property was derived. We thank him for the opportunity to clarify.

Kelly Wee (Ms)
Director (Corporate Communications)
Inland Revenue Authority of Singapore