Photo : YONHAP News
South Korea will announce detailed measures to ease tax burdens on those with only one homes in March.
Finance Minister Hong Nam-ki revealed the plan in his Facebook account on Thursday, saying measures will be confirmed after analyzing potential impacts of multiple options on the table.
One of these measures involve lowering the ceiling of annual increase in property and comprehensive real estate taxes.
Under current regulations, the government can increase property and comprehensive real estate taxes by no higher than 150 percent from the previous year’s levels.
The measure was one of several mentioned during a recent meeting of the ruling Democratic Party and the government officials, who also said they will consider applying this year’s officially assessed property price in calculating next year’s real estate holding tax for single-home owners.
Measures to Ease Tax Burdens on Single Homeowners to Be Announced in March
Source: Matira Matibay
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