President Lee Considers Differential Property Tax Imposition on Ultra-High-Value and Speculative Homes

President Lee Jaemyung said on the 23rd at a major public forum on real estate policy that the government is reviewing a plan to apply property taxes differently to ultrahighpriced homes, homes for speculation, and multihomeowners. President Lee pointed out that the socalled “one good house” phenomenon stems from failing to distinguish between homes for residence and homes for investment or speculation, and said the direction should be to reduce the burden on homes for actual residence, homes for ordinary people, and homes in regional areas, while imposing a higher tax burden on luxury homes or clearly speculative homes. He also said that jeonse loans have become one cause of excessive house price increases and mentioned the need to strengthen regulations, and he raised doubts about whether expanded reconstruction and redevelopment would sufficiently increase new supply. However, he emphasized that support for young people, newlyweds, firsttime homebuyers, and housing assistance for ordinary people must be carefully protected.