Justice Party "Easing Property Holding Tax Burden Will Encourage Real Estate Speculation"

"Pouring Fuel on Speculative Sentiment"

[Asia Economy Reporter Oh Ju-yeon] The Justice Party criticized the government's announced plan on the 23rd to "ease the real estate holding tax burden for first-generation single-homeowners," calling it "pouring fuel on the fire of (real estate) speculation" and saying it will "encourage speculation."

On the same day, Oh Seung-jae, spokesperson for the Justice Party, said in a briefing at the National Assembly communication office, "The Moon Jae-in administration, which was ultimately defeated by speculative forces due to inconsistent and belated measures and pinpoint policies, is repeating the same mistake," expressing this view.

Spokesperson Oh said, "According to the government's announcement, houses with a publicly announced price of 1.1 billion KRW last year, approximately 1.57 billion KRW in market value, will not have to pay any comprehensive real estate tax this year even if the publicly announced price rises to 1.258 billion KRW, about 1.8 billion KRW in market value," adding, "At a time when strengthening holding taxes should be enough to pour cold water on speculative sentiment, this is instead like pouring fuel on the fire."

He added, "The government's stance of not imposing taxes despite the increase in the value of owned houses undermines the very foundation of taxation," and expressed concern that "the plan announced today will effectively neutralize the comprehensive real estate tax, which is intended to stabilize the real estate market and ensure tax equity, resulting in encouraging real estate speculation."

He continued, "The government and the Democratic Party, who should be putting the brakes on Seoul Mayor Oh Se-hoon's push to ease reconstruction regulations and President-elect Yoon Seok-youl's pledge to significantly relax real estate regulations, are instead pandering to tax cuts for the wealthy, thereby fueling soaring housing prices and deepening real estate inequality," emphasizing, "The government must immediately withdraw the plan to ease the holding tax burden."

On the same day, the government decided to maintain the real estate holding tax burden for first-generation single-homeowners at a level similar to that of one year ago.

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, held a meeting with related ministers to review the real estate market at the Government Seoul Office and said, "Temporarily, the overall holding tax burden for first-generation single-homeowners will be maintained at a level similar to last year, and alternatives will be discussed to ensure there is no impact on health insurance benefits." He added, "Regarding the comprehensive real estate tax, a new payment deferral system will be introduced and applied for first-generation single-homeowners aged 60 and over."

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