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of <h1>Annual value of house property: higher of expected rent or actual receipt; local taxes deductible; owner-occupied nil for two houses.</h1> Annual value for house property is the higher of reasonable expected rent and actual rent received (or actual rent where vacancy reduces receipt), with local taxes deductible in the year paid; unrealizable rent is excluded under rules. Owner-occupied residential property has annual value nil unless let or yielding other benefit. Where more than two houses are owner-occupied, the owner may elect nil value for two houses only; other houses are treated as let for annual-value calculation. Buildings held as stock-in-trade have nil annual value for up to two years from the completion-certificate date if not let.
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