Kim Eun-hye "Seoul Property Tax to Increase 4.9 Times in 5 Years... Must Switch to 'Purchase-Time Official Price'"

Proposes 'Change in Property Tax Criteria' as Policy Pledge for Party Leader Candidacy

Kim Eun-hye, a member of the People Power Party, is declaring her candidacy for the party leader election on the 14th in front of the Blue House Fountain in Jongno-gu, Seoul. Photo by the National Assembly Press Photographers Group

[Asia Economy Reporter Park Jun-yi] Kim Eun-hye, a member of the People Power Party running for party leader, announced that if she becomes the party leader, she will propose a policy to change the real estate holding tax assessment standard from the current June 1st of the relevant year to the 'officially assessed price at the time of purchase' as the party's official stance.

In a press release on the 21st, Representative Kim stated, "I will present detailed reform measures to overcome the real estate failures of the Moon Jae-in administration and will definitely protect the dreams of young people and the homeless to own their own homes," explaining the purpose of her pledge.

According to the analysis by the People Power Party's Real Estate Official Price Verification Center, within the next five years, all houses in Seoul are expected to become subject to the comprehensive real estate holding tax. As housing prices rise, the officially assessed price, which serves as the tax base, increases to the level of actual transaction prices, causing holding taxes to rise accordingly.

She explained, "As of 2020, the average holding tax burden in Seoul was 1.82 million won, but by 2025, it is expected to increase 4.9 times to 8.97 million won," adding, "Areas such as Gwangjin-gu, Mapo-gu, and Seongdong-gu in Seoul, which were not previously subject to the comprehensive real estate tax, will become liable, and the total annual holding tax to be paid is expected to exceed 10 million won."

Representative Kim criticized, "The Moon Jae-in government, which claimed that the real estate tax bomb issue was only a problem for a few wealthy individuals, is not reflecting but is once again ignoring the issue after the election," and asserted, "If I become the party leader, I will push for legislation to change the real estate holding tax assessment standard to the officially assessed price at the time of purchase as the party's official policy."

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