Taeyoungho Proposes 'Bill No. 1'... "Excluding Single-Homeowners from Comprehensive Real Estate Tax"

[Image source=Yonhap News]

[Asia Economy Reporter Lim Chun-han] On the 5th, Tae Young-ho, a member of the Future United Party, announced that he had taken the lead in proposing a partial amendment to the Comprehensive Real Estate Tax Act, which he had put forward as a pledge for the general election. The amendment mainly excludes single-homeowners from being subject to the comprehensive real estate tax.

Rep. Tae stated, "The comprehensive real estate tax is imposed on high-value real estate holders with the purpose of enhancing tax fairness related to real estate ownership and promoting price stability of real estate," adding, "However, for single-homeowners or taxpayers who actually reside in their homes, even if the housing price rises, unless they dispose of the property, it is merely an unrealized gain."

Rep. Tae pointed out, "Such homes cannot be seen as a cause that undermines real estate price stability, such as real estate speculation," and said, "Including single-homeowners in the comprehensive real estate tax base does not align with the purpose of the system."

Rep. Tae explained the purpose of the bill, saying, "The aim is to exclude single-homeowners from the comprehensive real estate tax to reduce the tax burden on actual single-homeowners who are already bearing taxes such as property tax."

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