Debate Erupts Over Real Estate Tax Reform; Both Ruling and Opposition Parties Call for Supplements

[Anchor]

The Ministry of Land, Infrastructure and Transport is currently undergoing a work report and pending issue questioning at the National Assembly. Pointing out that the latest real estate tax reform, which increases the tax burden on single-home owners who do not reside in their properties, could place a burden on the jeonse and monthly rent markets.

Reporter Kim Bo-mi has the details.

[Reporter]

Attending the full meeting of the National Assembly's Land, Infrastructure and Transport Committee, Minister of Land, Infrastructure and Transport Kim Yoon-deok cited stability in the real estate market as the primary purpose of this real estate tax reform.

[Kim Yoon-deok / Minister of Land, Infrastructure and Transport : I believe it is to stabilize the real estate market. We are moving in the direction of forming a housing market centered on actual residency and normalizing the real estate tax system….]

Regarding criticisms that the tax reform announced by the government on the 3rd actually increases the tax burden on citizens, Minister Kim defended the government's policy, stating it is a measure to build a housing market centered on actual residency and normalize the real estate tax system.

However, the opposition party criticized that the latest measure increases the tax burden on single-home owners who do not reside in their properties, which will worsen the rental housing crisis.

[Kim Mi-ae / People Power Party Representative : An analysis of the impact on the leasing market prior to the announcement of the tax reform proposal is essential.]

[Kim Yoon-deok / Minister of Land, Infrastructure and Transport : To further cushion the shock to the market, there will be no changes until the end of next year.]

Even within the ruling party, voices emerged calling for revisions to the tax system to consider the circumstances of single-home non-residents who find it difficult to reside in their homes due to unavoidable reasons such as work or children's education.

[Kang Deuk-gu / Democratic Party Representative : We need to actively rethink and reconsider aspects that regulate on a sunset basis.]

The Democratic Party pointed to Seoul City's supply policy as the biggest problem in the Seoul real estate market, launching an offensive targeting Seoul Mayor Oh Se-hoon, while the People Power Party rebuked that the latest reform could result in excessive taxation for married couples who jointly own a single home.

As both the ruling and opposition parties echoed calls to supplement the tax reform proposal, the government stated its position that it is "gathering various opinions regarding the tax system reform."

(Video reporting: Shin Dong-hwan, Video editing: Nam Il)
※ Please note: This article was translated by AI and may contain errors.