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Property tax is a wealth tax levied on property ownership. It isn't a tax on rental revenue. It's thus levied on the possession of properties, irrespective of whether or not the property is occupied or vacant.

Wenlan Qian is an Assistant Professor within the Division of Finance on the NUS Enterprise College. She joined NUS in 2008 after acquiring her Ph.D. in Enterprise Administration from the College of California, Berkeley. Wenlan Qian can be affiliated with the Institute of Actual Estate Studies and Risk Management Institute at National University of Singapore. Dr. Qian's important analysis interests are household finance, empirical asset pricing, and real estate. Dr. Qian is the recipient of the NBER Household Finance/Sloan Foundation Analysis Grant in 2013, Real Property Analysis Institute Research Grant in 2012, and Funding Administration Affiliation of Singapore Analysis Grant in 2011.

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