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The AV is the estimated annual rent of your property if it were to be rented
out, excluding the furniture, furnishings and maintenance fees.
It is estimated based on market rentals of similar or comparable properties.
The basis of determining the AV is the same whether the property is rented
out, owner-occupied or left vacant.
If your property is rented out, the AV could be higher or lower than your actual
rents as the AV reflects the market rent at the time of review, while your actual
rents were committed earlier.
Illustration (A):
Estimated market rent of your flat is $1,000 per month
Annual Value is: $1,000 x 12 = $12,000
*Property Tax payable is derived by subsequently applying the relevant tax rate (%)
on the AV.
Why AV is derived based on rental instead of transacted sale price?