Policies · Under review · 2 sources combined
Single-home owners' property tax relief
Decision by end of this month
D-23 Deadline November 30 · Target conclusion date for government-party tax reform agreement
In short
Democratic Party lawmakers from Seoul discussed tax reforms focused on protecting single-home owners and actual users.
A plan to raise the basic deduction for property tax on buildings (종부세) to 1.4 billion won did not reach a conclusion due to regional differences.
The Democratic Party plans to finalize its position by the end of November and complete government-party consultations.
Key facts
| When | A meeting of Seoul-area lawmakers was held on November 5, with plans to reach a conclusion by the end of November. |
|---|---|
| Who | Democratic Party Seoul Metropolitan Chairman Kim Young-bae and other Seoul-area National Assembly members. |
| What | They discussed a plan to raise the basic deduction for property tax to 1.4 billion won regardless of owner-occupancy status. |
| How | Regional opinions differed among Gangnam, Mapo·Yongsan·Seongdong, and Gangbuk areas, preventing a conclusion. |
What it means for me
Seoul single-home owners must wait until the end of November to see whether the property tax basic deduction standard changes.
A 40-year-old office worker in Seoul with one home should check whether the deduction standard changes.
A retired person in their 60s with a home in Seoul may also be affected by the property tax basic deduction change.
