Gov't set to revise property tax plan amid public backlash, ruling party pressure
The ruling party and government have agreed to ease the simultaneous increase in property holding and capital gains taxes for non-resident single-home owners, party officials said Monday. The agreement puts the government’s real estate tax reform package, unveiled on Aug. 3, back under review just three weeks after its announcement. “The government will broaden the circumstances under which…
The government is set to revise its property tax plan following public backlash and pressure from the ruling party, according to officials. This decision comes just three weeks after the initial announcement of the reform package on August 3rd. Finance Minister Koo Yun-cheol announced during a National Assembly appearance that the government will review the circumstances under which periods of nonresidency can be recognized as residence when justified, in an effort to address public concerns and find a more reasonable solution.
The reconsideration is driven by growing resistance within the ruling party and mounting public complaints, particularly in Seoul, regarding housing policies. The presidential office has also expressed support for revisiting the plan, as it has contributed to President Lee Jae Myung's declining approval ratings. Specific revisions to the property tax plan could be outlined as early as this week.
Under the original proposal, non-resident single-home owners faced an increase in both property holding and capital gains taxes.
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