Annual value determination: property assessed by expected rent or actual rent received, with local taxes deductible.

Annual value is determined by: (a) the sum for which the property might reasonably be expected to let; (b) where actual rent received or receivable exceeds that sum, the actual rent; or (c) where actual rent is reduced due to vacancy during the previous year, the reduced actual rent. Local authority taxes actually paid by the owner are deductible in determining annual value for the year in which they are paid. Rent that the owner cannot realise is excluded from actual rent, subject to rules. Owner-occupied houses have nil annual value except when let or otherwise benefitted, and one house may be elected for nil treatment when multiple houses exist.

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