A Proposal to Change the Comprehensive Real Estate Tax Taxation Standard from Number of Homes to Value-Centered

At a real estate tax forum, an opinion was raised that the taxation standard for the comprehensive real estate holding tax should be changed from the current focus on the number of homes to the value of the homes owned. There was also a call to redesign deduction benefits based on whether the property is owneroccupied. The Ministry of Finance and Economy held a real estate tax forum at the Banking Hall in Junggu, Seoul, on the 16th and discussed the direction of reform for property holding taxes and the comprehensive real estate holding tax. Experts put forward opinions calling for a shift to a valuebased standard so that even an ultraexpensive single home can be included in the tax base, as well as opinions that the impact on the market should also be considered if the tax burden is increased. The forum also saw proposals to change longterm holding deductions and tax credits for onehousehold, onehome owners to be more centered on actual residence. Some also suggested that, instead of strengthening property holding taxes, a plan could be considered to adjust them in conjunction with capital gains tax. Based on the results of this forum, the government plans to gather opinions, then hold a public grand debate and announce a tax reform proposal.