On December 5, the Inland Revenue Authority of Singapore (IRAS) announced the reduction of property tax for HDB flats in 2015. Three days later, there was an article “Property Tax cut for one in four private home owners” in The Straits Times. A week after their announcement, a representative from IRAS further elaborated how annual values are calculated in The Straits Times Forum (“Annual values of homes reflect market rents“; Dec 15). Below are my two cents contribution after being a private home property tax payer for twelve years, with an attempt to demystify the five common myths of property tax. 1. Lower annual value does not necessarily mean lower property tax. According to IRAS, effective Jan 1 next year, the annual value of 25.7 percent private homes has been reduced while only 1.4 percent has been adjusted upwards. However, IRAS has implemented progressive ......