No Conclusion Yet on 'Property Tax Reduction from 600 Million to 900 Million'... "Discussion Ongoing"

Song Young-gil, leader of the Democratic Party of Korea, and Kim Jin-pyo, chairman of the Special Committee on Real Estate, are attending the meeting of the Special Committee on Real Estate held at the National Assembly Members' Office Building on the 12th, and are talking during the meeting. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Koo Chae-eun] The Democratic Party's Special Committee on Real Estate held discussions on the 20th about raising the property tax reduction threshold from a publicly announced price of 600 million won to 900 million won but failed to reach a conclusion. Kim Jin-pyo, head of the Special Committee on Real Estate, refrained from commenting, saying, "There is a lot of debate, so it is difficult to provide specific details."

The Special Committee held its second plenary meeting in the National Assembly Members' Office Building in the afternoon to discuss real estate policies. After the meeting, Kim Jin-pyo told reporters that there was no agreement on easing property tax, stating, "Nothing has been agreed upon. There is no agreement between the party and the government, and not only property tax but also discussions have not even started."

Kim also said, "Since the matters discussed in the Special Committee have not been finalized, I cannot comment." When asked if anything had been decided in the Special Committee, he replied, "No." He added, "Discussions are still ongoing, and since there is a lot of debate, if I say anything now, it will only lead to conflict."

Earlier, Kang Byung-won, a Supreme Council member, appeared on the radio that morning and said that opinions had been gathered regarding raising the property tax reduction threshold from 600 million won to 900 million won. However, he opposed easing comprehensive real estate tax, capital gains tax, and loan regulations.

Kim explained, "The Special Committee has only been formed for 10 days, and we have been holding meetings for three to four hours daily, continuously consulting with government ministries, related experts, and committee members to find alternatives and review the current situation. Today was the first time we began discussing how to mix the alternatives."

He continued, "Going forward, consultations will be held among our advisory group, leadership, and advisory committee members, as well as through the party caucus and party-government consultations. During this process, the content can change and be modified as much as needed."

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