(EDITORIAL from Korea JoongAng Daily on Aug. 25)

Korea JoongAng Daily editorial critiques the government's property tax overhaul in a high-level consultation. The DP urges the government to reconsider distinct tax changes that could negatively impact housing markets and burden residents. The comprehensive real estate holding tax divides homeowners into two categories - those living in their primary residence and those who don't.

The DP asks the government to eliminate this distinction and broaden the qualifications for nonresident homeowners. Despite receiving over 10,000 public comments opposing the proposal, the government remains committed to the plan. Critics argue the proposal disregards the principle of "one home per household" and treats nonresidents who own a home as speculators.

The government's plan includes heavier taxes on retirees and steep increases in tax rates, which could lead to unintended consequences. Home prices in expensive districts have already begun falling, and buying patterns have shifted towards less expensive alternatives. The government should abandon the punitive tax reform framework and develop a new approach that respects the freedom of residence and avoids creating hardship for middle-class households and ordinary citizens.