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

57 Mr Lim Biow Chuan asked the Deputy Prime Minister and Minister for Finance (a) whether IRAS will review the methods used to determine the annual value of properties for which there is a dearth of comparable rental evidence; (b) how many properties in Singapore have had their annual values increased by more than 20% from the preceding year; and (c) whether the property taxes on owner-occupiers of such properties can be mitigated since they are not deriving any rental revenue.

Mr Lawrence Wong: This question will be answered in the reply to Mr Pritam Singh’s Parliamentary Question filed for the Sitting on or after 6 February 2024. [Please refer to "Expected Additional Property Tax Collections Following November 2023 Announcement of Increase", Official Report, 6 February 2024, Vol 95, Issue 121, Oral Answers to Questions section.]