According to reports, the increase in property taxes primarily targets owners of high-end properties, especially those owning Good Class Bungalows (GCBs). The tax rates for these properties have been raised from $20,000 to $270,000, with additional personal income tax levied.

Furthermore, the rise in property taxes is also tied to the increase in market rents, as property taxes are calculated based on Annual Values (AVs) of properties, which have seen increases for most residential properties in Singapore in recent years.

However, the government is also aware of the burden this increase places on residents. Last year, it announced a one-time property tax rebate for owner-occupied properties, with a rebate rate of 15% for private properties, capped at $1,000.

Through this rebate, nearly half of private property owners will not experience an increase in property tax payment of more than $15 per month. The tax authority also stated that the highest tax rates primarily apply to owners of GCBs and high-end residences, aligning with the intention of property tax as a wealth tax.

Additionally, the government has explicitly stated that the collected property taxes will be used to improve education, healthcare facilities, and the construction of recreational parks and other public services, aiming to provide better living environments and welfare for residents. This indicates that the government's aim behind the price increase measures is for overall societal development and welfare.

Apart from the increase in property taxes, Singapore has also implemented a series of other price increase measures. Firstly, there's an increase in the goods and services tax (GST) from 7% to 9%. Despite a significant increase in corporate tax revenue this fiscal year, the government has still decided to raise the GST, indicating the need for more fiscal revenue to address current economic challenges and societal needs.

Furthermore, the private-hire car industry will impose tiered platform fees and transaction fees, reaching up to $0.55. Water prices will also be raised in two stages over the next two years, with a total increase of about 18%. Additionally, school bus fees will increase, with the maximum increase being 13% starting from January next year. All these measures are aimed at addressing rising operational costs in different sectors and providing better public services.