Representative Lee Hyung-seok Introduces Partial Amendment Bill to Local Tax Act

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Rep. Lee Hyung-seok (Gwangju Buk-gu Eul) has introduced a partial amendment bill to the Local Tax Act to ease the property tax burden on elderly homeowners (65 years and older) who have held one house for a long term.

Rep. Lee Hyung-seok stated, "With the realization of the official housing price, the property tax burden on citizens has increased," and added, "This amendment bill was prepared as a consideration to slightly ease the tax burden on elderly households aged 65 or older who have held one house for more than 10 years for actual residence purposes."

The amendment to the Local Tax Act, introduced by Rep. Lee Hyung-seok, includes a plan to reduce the tax burden cap rate by 30% for elderly people aged 65 or older who have held one house for more than 10 years, for houses with an official price between 300 million and 900 million KRW.

For houses priced between 300 million and 600 million KRW, the existing tax increase cap rate will be lowered from 10% to 7%, and for houses priced between 600 million and 900 million KRW, it will be reduced from 30% to 20%, which is expected to reduce the tax burden accordingly.

Rep. Lee Hyung-seok explained, "In the process of promoting policies to eradicate real estate speculation and stabilize the market, it is necessary to ease the tax burden shock on elderly households who have held houses for actual residence purposes for a long time," and added, "If the amendment is implemented and temporary special cases are applied, about 208,000 households will benefit from the tax benefits."

Meanwhile, the amendment to the Local Tax Act introduced by Rep. Lee Hyung-seok was co-sponsored by Representatives Yang Ki-dae, Kim Seong-ju, Song Gap-seok, Heo Young, Hong Seong-guk, Lee Yong-bin, Lee Hae-sik, Moon Jin-seok, Yang Hyang-ja, and Song Ok-joo.

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