Methods for Determining Annual Value of Properties When Faced with Dearth of Comparable Rental Evidence

Mr Lim Biow Chuan asked whether IRAS will review methods for determining annual property values when comparable rental evidence is scarce, how many properties saw annual value increases exceeding 20% year-on-year, and if property taxes for owner-occupiers could be mitigated since they do not earn rental income.
Deputy Prime Minister Lawrence Wong indicated that the response would be provided in a reply to a separate parliamentary question filed for the sitting on or after 6 February 2024, referencing an official report on expected additional property tax collections.

Mr Lim Biow Chuan asked whether IRAS will review methods for determining annual property values when comparable rental evidence is scarce, how many properties saw annual value increases exceeding 20% year-on-year, and if property taxes for owner-occupiers could be mitigated since they do not earn rental income.
Deputy Prime Minister Lawrence Wong indicated that the response would be provided in a reply to a separate parliamentary question filed for the sitting on or after 6 February 2024, referencing an official report on expected additional property tax collections.

Mr Lim Biow Chuan asked whether IRAS will review methods for determining annual property values when comparable rental evidence is scarce, how many properties saw annual value increases exceeding 20% year-on-year, and if property taxes for owner-occupiers could be mitigated since they do not earn rental income.
Deputy Prime Minister Lawrence Wong indicated that the response would be provided in a reply to a separate parliamentary question filed for the sitting on or after 6 February 2024, referencing an official report on expected additional property tax collections.

Mr Lim Biow Chuan asked whether IRAS will review methods for determining annual property values when comparable rental evidence is scarce, how many properties saw annual value increases exceeding 20% year-on-year, and if property taxes for owner-occupiers could be mitigated since they do not earn rental income.
Deputy Prime Minister Lawrence Wong indicated that the response would be provided in a reply to a separate parliamentary question filed for the sitting on or after 6 February 2024, referencing an official report on expected additional property tax collections.

Summary