Democratic Party Candidates in Gangnam and Bundang "Efforts to Ease Comprehensive Real Estate Tax for Single-Homeowners"

[Image source=Yonhap News]

[Asia Economy Reporter Park Cheol-eung] Democratic Party candidates running in high-priced areas such as Gangnam in Seoul and Bundang in Gyeonggi Province have pledged to work toward easing the comprehensive real estate tax (종부세) burden on single-homeowners.

The candidates include Kim Seong-gon (Gangnam Gap), Kim Han-gyu (Gangnam Byeong), Lee Jeong-geun (Seocho Gap), Park Kyung-mi (Seocho Eul), Jo Jae-hee (Songpa Gap), Choi Jae-sung (Songpa Eul), Hwang Hee (Yangcheon Gap), Kang Tae-woong (Yongsan), Kim Byung-kwan (Bundang Gap), and Kim Byung-wook (Bundang Eul).

On the 27th, they stated, "We will actively pursue legislative amendments to reduce the 종부세 burden on single-homeowners," and also promised to promote measures such as complete exemption of 종부세 for long-term residents and removal of the 900 million KRW cap for eligibility in the housing pension program.

They added, "Most long-term residents with one home are ordinary people far from speculation. Moreover, self-employed individuals and small business owners are facing threats to their livelihoods due to COVID-19, making it difficult to pay taxes. Those who find it hard to pay the increased taxes should be relieved from the 종부세 burden," emphasizing this point.

They continued, "We will do our utmost to pass the 종부세 relief bill before the end of the 20th National Assembly on May 29, so that it can be reflected in this year's 종부세 assessments."

They pointed out that according to the Ministry of Land, Infrastructure and Transport’s recently announced official land price plan, the official prices of apartments and other multi-family housing in Seoul have risen by an average of 14.7% compared to last year. By district, the increases are 22.57% in Gangnam-gu, 22.57% in Seocho-gu, 18.45% in Songpa-gu, 18.36% in Yangcheon-gu, and 9.07% in Gangdong-gu.

They argued that the 종부세 system was introduced to curb real estate speculation and stabilize prices, and that imposing excessive 종부세 on single-homeowners for residential purposes contradicts the law’s intent.

This content was produced with the assistance of AI translation services.