The good people who comprise the Government of Hong Kong have been under more than a bit of pressure to ease the burden of inflation on the Hong Kong people. Demands and plans for discounts on transportation for low income earners being one example and the proposed HK$6,000 cash grant being another.
They have also made it a matter of policy to make home ownership more affordable.
So why did they increase rates (property tax) by 10%?
That 10% increase will hit home owners directly. It's inflationary and makes home ownership less affordable, not more. It also comes at a time when the Government is running a massive surplus and sitting on some of the world's biggest reserves (on a per capita basis). The Government needs less of our money, not more. It defies common sense.
PS - the 10% is on the rates before the concession is deducted. In effect this means that the percentage increase in the amount of rates actually paid is even higher.