Yoon Seok-yeol "Restore Official Property Prices to Last Year's Level, Promote Integration of Comprehensive Real Estate Tax and Property Tax"

Yoon Seok-yeol, the presidential candidate of the People Power Party, held a meeting with local reporters on the 22nd at Jeonbuk National University in Deokjin-gu, Jeonju-si, Jeollabuk-do. [Image source=Yonhap News]

[Asia Economy Reporter Hyunju Lee] Yoon Seok-yeol, the presidential candidate of the People Power Party, announced real estate tax-related pledges on the 23rd, including restoring next year's official property prices to last year's levels and promoting the integration of comprehensive real estate tax and property tax. The pledges also included reforms to capital gains tax and reductions in acquisition tax burdens.

On the same day, Yoon posted on Facebook, stating, "We will normalize the abnormal real estate tax system of the Moon Jae-in administration," announcing these pledges.

He said, "Which country raises official property prices by as much as 19% in one year?" and added, "If the Moon Jae-in administration does not restore the official property prices, we will revise the enforcement decree of the related law to lower the official property prices."

He also announced plans to promote the integration of comprehensive real estate tax and property tax and to implement tax burden relief measures even before the integration. He said, "We will freeze the fair market value ratio, which is scheduled to increase by 100% next year, at the current level of 95% and lower the upper limit of the tax burden increase rate, which ranges from 50% to 200%." He added, "We will reduce the tax rate for single-homeowners to the level before the current government and allow long-term single-homeowners with certain income levels to defer comprehensive real estate tax payments until the time of sale or inheritance, regardless of age."

Regarding the application of heavy taxation rates for multi-homeowners, he said it would be limited to a maximum of two years, and for single-homeowners, the current acquisition tax rates of 1-3% would be unified or the tax rate application brackets simplified. Yoon said, "We plan to change the simple progressive tax rate to an excess progressive tax rate and ease the excessive progressive tax rates for two or more homes in regulated areas," adding, "Especially for first-time homebuyers, acquisition tax will be exempted or a single tax rate of 1% will be applied."

Yoon emphasized, "Normalizing the real estate tax system is the first step to restoring the common sense level of people's lives destroyed by the Moon Jae-in administration," and said, "We will be a government that reduces the burden on the people."

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