Han Jeong-ae: "Expansion of Comprehensive Real Estate Tax Reduction? Neither Under Review Nor Planned"

[Asia Economy Reporter Jeon Jin-young] On the 20th, Han Jeong-ae, Chair of the Policy Committee of the Democratic Party of Korea, drew a clear line by stating, “The party and government have never considered nor planned to expand the comprehensive real estate tax reduction.” However, she left room for property tax.

Han Jeong-ae, Chair of the Policy Committee of the Democratic Party of Korea, is attending the National Assembly inspection countermeasure meeting held at the National Assembly on the 20th, delivering opening remarks. Photo by Yoon Dong-joo doso7@

At the National Assembly’s audit countermeasure meeting held that morning, Chair Han said, “Currently, the deduction rate for long-term homeowners with one house reaches 80%.” She added, “However, the party’s opinion is to reflect the part related to the realization of the official property price,” and “We will conclude the matter related to property tax through future party-government consultations.”

The previous day, Lee Nak-yeon, leader of the Democratic Party, mentioned the formation of a Future Housing Promotion Team to discuss real estate issues at the Supreme Council meeting, saying, “We must reflect on past real estate policies and start a new approach,” and “We will prepare policies centered on reassuring tax measures for long-term homeowners who actually reside in one household.”

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