Presently, the Net Annual Value (NAV) of a property used for residential purposes is deemed to be profits arising from property and is liable for individual income tax unless specifically exempted. Currently, for owner-occupied property, the first $75,000 of its NAV is exempted from tax. To allow for increases in the values of residential properties, the exemption limit will be increased to $150,000. This will take effect from Year of Assessment 1997.