[Exclusive] “Real estate tax reform plan fails to achieve goal of easing 'one upscale home' regulations”

A recent proposal to reform South Korea's property tax system aims to simplify the tax by replacing it with a single rate based on the value of a property rather than the number of units. However, simulations suggest this approach may exacerbate disparities among homeowners with multiple properties. Professor Kim Hyundong's calculations show that for a single-family home valued at ₩30 billion, the property tax burden increases significantly for those owning multiple properties.

Single-homeowners with such a property would face a higher tax burden than multi-homeowners, despite the similarly high property value. The reform, set to be discussed in a parliamentary hearing, may not fully address the issue, potentially leading to increased tax disparities based on the number of properties owned.