Rebuilding Korea Party Criticizes Real Estate Tax Reform Plan: 'Falls Short of Expectations with Expanded Exceptions'

The Rebuilding Korea Party criticized the government's real estate tax reform plan today (August 4), stating, "While it raised public expectations, the actual outcome fell short."

Cho Kuk, head of the Innovation Policy Research Institute of the Rebuilding Korea Party, pointed this out on Facebook earlier in the day, writing, "Exceptions and special exemptions have been expanded while normalizing tax equity has been put on the back burner."

He said, "Strengthening the holding tax burden on non-resident and ultra-luxury homes and shifting the taxation criteria to focus on 'actual residency' and 'price' are positive and meaningful progress," but added, "The increased tax burden applies only to a few multi-homeowners with ultra-luxury apartments, while the vast majority of high-priced home owners see little change."

Meanwhile, Rep. Seo Wang-jin of the Rebuilding Korea Party argued during a general meeting of lawmakers at the National Assembly that regarding the government's real estate tax reform plan, "It must be accompanied by the prompt implementation of a bold and innovative high-quality public housing supply plan." He added, "Ultra-high-rise, high-quality public apartments should be built in prime locations such as Yongsan Park and the legal town in Seocho-gu to be provided to young people and citizens without homes."

(Photo: Yonhap News)
※ Please note: This article was translated by AI and may contain errors.