Property tax is a tax levied on immovable properties. The property tax system in Singapore is basically an annual value system. Annual value is defined in the Property Tax Act (Chapter 254, 1985 Edition) as the gross rent at which the property can reasonably be expected to be let from year to year, the landlord paying the expenses of repair, insurance, maintenance or upkeep and all taxes. The tax is currently levied based on a standard tax rate of 15% per annum on the annual value. A concessionary tax rate of 4% is granted for owner-occupied residential premises.