Lee Jae-myung: "Policies Should Not Serve Politicians' Beliefs... Full Review of Official Property Price System Needed"

[Asia Economy Reporter Park Hyungsoo] Lee Jae-myung, the presidential candidate of the Democratic Party of Korea, announced on the 18th that he will conduct a comprehensive review of the publicly announced property price system, which has surged in recent years.

On the afternoon of the same day, Lee posted on Facebook, "Considering the difficulties faced by the people's livelihood economy, I will conduct a comprehensive review of the publicly announced property price system," and stated, "The rise in publicly announced property prices leads to increased burdens on property tax, health insurance premiums, and loss of welfare eligibility, resulting in a burden on the people. It is unfair to pass on the burden caused by skyrocketing housing prices entirely to the people."

He explained, "Politicians should not implement policies to realize their political ideologies and values," adding, "If it is something the people want and necessary for their happiness, there must be the courage and flexibility to change it at any time. The lives of the people take precedence far above enforcing one’s own beliefs."

He then proposed "several necessary measures to the party and government," saying, "First, please prepare measures to maintain property tax and health insurance premiums at this year's level." He continued, "For property tax, which uses the publicly announced property price as the tax base, the plan to raise the 'Fair Market Value Ratio' should be postponed and readjusted so that the tax burden remains at a level similar to the current one," and argued, "Considering the reality that publicly announced property prices have risen significantly in the past, the upper limit rate on tax burden should also be lowered."

He also emphasized, "Comprehensive supplementary measures must be prepared to ensure that no one loses welfare eligibility due to the rise in publicly announced property prices."

This statement came ahead of the government's announcement of next year's publicly announced prices for single-family homes on the 23rd. Publicly announced property prices are the housing prices applied when issuing loans or levying taxes, and if these prices rise, the tax burden increases even if the government does not raise taxes. The Moon Jae-in administration pursued the realization of publicly announced property prices from its first year in office, recording sharp annual increases.

Lee urged, "I hope the party and government will promptly negotiate to freeze the burden on the people at this year's level and undertake reasonable system reforms to prevent excessive burdens or unfair situations."

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