Gross annual value calculation: choose the higher of expected rent or actual rent for a continuously let property. Computation of gross annual value for a property let out throughout the year requires (1) determining reasonable expected rent, (2) calculating actual rent receivable, and (3) adopting the higher of those two amounts as the gross annual value for taxation.
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Gross annual value calculation: choose the higher of expected rent or actual rent for a continuously let property.
Computation of gross annual value for a property let out throughout the year requires (1) determining reasonable expected rent, (2) calculating actual rent receivable, and (3) adopting the higher of those two amounts as the gross annual value for taxation.
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