Oh Se-hoon Proposes Property Tax Reduction Pledge... "Property Tax Rate Special Application Criteria Should Be Raised"

Announcement of Property Tax Reduction Pledge at the National Assembly on the 3rd

Former Seoul Mayor Oh Se-hoon, a candidate in the People Power Party's Seoul mayoral by-election primary, is making a campaign pledge related to property tax reduction at the National Assembly Communication Hall on the 3rd. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Kum Boryeong] Former Seoul Mayor Oh Se-hoon has proposed a pledge to reduce property tax.

On the 3rd, former Mayor Oh announced a pledge related to property tax reduction at the National Assembly.

First, he suggested raising the standard for applying the special property tax rate from the current 600 million KRW to a higher amount. Former Mayor Oh explained, "The median sale price of apartments in Seoul is already approaching 900 million KRW. Even if only 70% of the market price is reflected according to the official price realization rate, it easily exceeds 600 million KRW," adding, "This means that even for a single household with one house, the special property tax rate can no longer be applied."

Along with this, former Mayor Oh believes that the current four-tier property tax base brackets should also be adjusted. He urged, "I call for adjusting the highest property tax base bracket of over 300 million KRW to three brackets: over 300 million KRW up to 600 million KRW, over 600 million KRW up to 1.2 billion KRW, and over 1.2 billion KRW," arguing, "We must acknowledge the reality that 600 million KRW and 900 million KRW can no longer be the standards for high-priced housing in holding taxes."

Former Mayor Oh also pledged to promote a full exemption of property tax for single households with one house and no income.

He pointed out, "The total amount of property tax levied increased by a staggering 8.1% and 9.7% at the end of 2018 and 2019 respectively, compared to the end of 2017, the first year of the Moon Jae-in administration. In Seoul, the increase was even greater, at 9.1% and 13.9%," adding, "We can no longer leave the tax bomb caused by the Moon Jae-in administration's flawed real estate policies as is."

He also advocated for converting the comprehensive real estate holding tax, a national tax, into a local tax. Former Mayor Oh emphasized, "The comprehensive real estate holding tax is collected as a national tax and then transferred as a real estate grant tax for the purpose of balanced development of local finances," adding, "To truly resolve disparities in local finances and achieve regional balanced development, I urge the conversion of the comprehensive real estate holding tax into a local tax."

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