In response to a query from Mountbatten MP Lim Mou Chuan on the possibility of lowering the property tax rate for elderly retirees living in their own private homes, Senior Minister for Finance, Mr Xu Fangda, said the Government has various measures to help retirees, whether they live in private homes or HDB flats.

It's not that we don't understand the situation of retirees, we understand that they are retirees and they may not be able to earn a lot of income because they are unemployed," said Xu Fangda. The way to help them is not to lower property taxes because that is part of our implementation of a fair and progressive tax system that needs to be implemented and other ways need to be found to help them."

Xu Fangda also said that personal assets, net worth, is an indicator of an individual's wealth and that property tax is the main way to tax assets in the country.