Deluged with Public Complaints Over Real Estate Tax Revisions, Government Weighs Supplementary Measures This Week

[Anchor]

In just five days, more than 2,500 legislative comments have been submitted regarding the real estate tax reform proposal. With many calling for revisions to the plan, the ruling party is deep in deliberation, while the government plans to announce additional housing supply measures as early as this week.

Reporter Jeon Hyeong-u has the details.

[Reporter]

Just five days after the real estate tax revision bill was put up for legislative notice on the 4th, more than 2,500 legislative opinions were received.

While opinions arguing that the increase in the comprehensive real estate tax burden is excessive dominated, calls to expand the criteria for recognizing actual residence also continued.

The current revision includes an exception clause that recognizes a three-year residency period even for non-residents if special circumstances are acknowledged.

These include schooling, job relocation, transferring schools, and caring for elderly parents, and opinions have emerged suggesting that child-rearing should also be included here.

If grandparents move into or near their children's home to look after their grandchildren, they could become single-home owners with non-residency, leading to a sharp increase in holding taxes. The public is asking for such circumstances to be reflected.

[Non-resident Single-Home Owner : We moved close by because we were going to look after (our grandchildren) anyway. We are not moving around to make a fortune. We are retirees living off our pensions.]

However, some point out that a cautious approach is necessary, as expanding the grounds for recognizing actual residence could also increase the possibility of exploitation for gap investment.

While gathering opinions on the tax revision bill, the Democratic Party decided to hold the first meeting of its internal housing market stabilization task force this week.

[Han Jeong-ae / Policy Committee Chair, Democratic Party of Korea : We will listen to various voices, gather them, and go through the process of moving forward.]

The government plans to submit the final bill, prepared through party-government consultations after going through the legislative notice until the 20th, to the National Assembly before the 3rd of next month.

In addition, the government plans to announce additional housing supply plans and financial support measures for the Seoul metropolitan area as early as this week.

(Photo: Yonhap News)
(Video Reported by Choi Jun-sik | Video Edited by Park Chun-bae)