"IRAS reviews the AVs of all properties, including HDB flats, annually to ensure that they reflect prevailing market rental values for the purpose of determining property tax."
IRAS should use "prevailing market rental values" indicator only for those who are renting out their premises - not for those residing. Potential and actual are different. You tax a person based on his actual earning for the preceding year - not his potential earnings.
A bird in hand is worth a bird in hand - and not worth the many in the bushes!
damn it, just received letters from IRAS. both of my condos annual value has been revised and the property tax increase by another $500 and $1000 each!!! hdb also increase by $30. pui!