What is the Annual Value (AV) of a property and why is the AV of my place of residence used to assess my eligibility for Workfare Income Supplement (WIS)?
Annual Value (AV) is the estimated gross annual rent of the property if it were to be rented out, excluding furniture, furnishings and maintenance fees. It is determined based on estimated market rentals of similar or comparable properties. It can be found on the property tax bill you receive each year.
AV serves as a housing criterion that targets lower-wage workers from lower income households. Using AV instead of housing type is a fairer way to determine property value as some applicants may be staying in smaller and less expensive private properties with an AV similar to a larger Housing & Development Board flat.
For more information on the computation of AV, please visit the Inland Revenue Authority of Singapore (IRAS) website.