Gov't eases property tax reform amid public backlash
The government scrapped a plan to lower the basic deduction under the comprehensive real estate tax to 900 million won ($657,000) for nonresident single-home owners, deciding to retain it at the current level of 1.2 billion won, the Ministry of Finance and Economy said Tuesday. The original measure was intended to tighten property tax rules for homeowners who do not live in their properties, but…
The government has decided to abandon its plan to reduce the basic deduction for property tax for nonresident single-home owners. Initially, the deduction was set to be lowered from 1.2 billion won to 900 million won, but it will now remain at the current level. This announcement was made by the Ministry of Finance and Economy on Tuesday.
The proposal aimed to tighten rules for homeowners who do not reside in their properties, but it received strong public backlash. The decision to scrap the measure came after the ruling Democratic Party of Korea urged the government to reconsider. However, the changes still require parliamentary approval and may undergo revisions during the legislative process.
The finance ministry announced that the Cabinet approved the final versions of 11 tax-related bills earlier in the day following consultations with relevant ministries. The original reform package, introduced last month, sought to differentiate tax treatment for single-home owners depending on their actual residence in the property.
Under the proposal, the basic deduction would have increased from 1.2 billion won to 1.4 billion won.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 1 other outlet
- Gov't eases property tax reform amid public backlash koreatimes.co.kr
