Hong Nam-ki "Plan to Ease Property Tax for First-Generation Single-Homeowners to be Announced in March Next Year"

Detailed Measures to Reduce Tax Burden on Inherited and Jongjung-Owned Houses to Be Announced in Early January Next Year

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] Hong Nam-ki, Deputy Prime Minister for Economic Affairs and Minister of Strategy and Finance, announced on the 23rd that "a specific plan to ease the property tax burden for single-home owners will be announced in March next year."

On the same day, Hong posted on his social media (SNS), "To ease the tax burden on single-home owners, we will review various alternatives such as adjusting the current 150% tax burden cap, using this year's publicly announced property prices when calculating the comprehensive real estate tax base for next year, and introducing a deferral system for elderly taxpayers. We will thoroughly examine the level and effects of burden reduction for each alternative and announce supplementary measures."

He also stated that measures are being prepared to reduce the tax burden in unavoidable cases such as inherited houses or traditional preservation houses.

He added, "The specific details will be included in the follow-up enforcement ordinance revision of the tax law amendment bill to be announced in early January next year. Regarding the tax revenue estimation errors that were heavily criticized this year, efforts to improve estimation accuracy should also be made going forward," he urged.

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