[Exclusive] Ruling Party Pushes to Lower Taxes by Reducing Comprehensive Real Estate Tax Rate for Single-Home Owners from 70% to 60%

[Exclusive] Ruling Party Pushes to Lower Taxes by Reducing Comprehensive Real Estate Tax Rate for Single-Home Owners from 70% to 60%
Dong-A Ilbo
The Democratic Party of Korea has signaled further revisions to the real estate tax reform plan that the government is scheduled to submit to the National Assembly on the 3rd. The proposal suggests easing holding taxes for single-home owners, regardless of whether they reside in the property. There are also calls to slow down the abolition of holding tax benefits under the Special Deduction for Long-term Holding. Regarding real estate policy...
The Democratic Party of Korea has signaled further revisions to the real estate tax reform plan that the government is scheduled to submit to the National Assembly on the 3rd. The proposal suggests easing holding taxes for single-home owners, regardless of whether they reside in the property. There are also calls to slow down the abolition of holding tax benefits under the Special Deduction for Long-term Holding. As President Lee Jae-myung's approval rating declines due to worsening public sentiment regarding real estate policy, which could pose a burden for next year's by-elections and the 2028 general election, there is a growing sentiment that a major revision of the government's plan is inevitable.