What is gross annual value?
In the case of self-occupied property, the annual value is taken to be ‘nil’. In the case of property that is rented out, the gross annual value is the municipal value, the de facto rent (whether received or receivable) or the fair rental value, whichever is highest. If, however, the Rent Control Act applies to the property, the gross value cannot exceed the de facto rent or the standard rent under the Rent Control Act, whichever is higher.
Related Questions
- Field B.10 asks the approximate annual volume of my transactions. Should I enter the gross value of transactions or the portion of the transaction that results in income for the business?
- Where should a retail stores average inventory dollars be in relation to their annual gross sales dollars?
- What is gross annual value?
