Politics · South Korea · 13 hrs ago
South Korea’s ruling party seeks further changes to property tax plan
South Korea’s Democratic Party lawmakers are seeking more changes to the government’s property tax plan.
They want a 14 billion won basic tax allowance for all single-home owners, including those who do not live in their homes.
Some also want to keep part of a tax break for long-term ownership or raise its deduction limit above 1 billion won.
The presidential office says it will stick to incentives for people living in their homes.
The government’s revised plan kept the existing 12 billion won allowance for single-home owners who live elsewhere, after dropping a proposal to cut it to 9 billion won.
The dispute has resurfaced as lawmakers review tax legislation, with some representing the Seoul area worried about voter reaction ahead of the 2028 general election.
The party is pushing for changes before the tax plan is finalized in early December.
Ruling Democratic Party lawmakers from the Seoul metropolitan area are seeking further changes to the government’s property tax plan.
Their proposals include setting the basic deduction for the comprehensive real estate tax at 1.4 billion won for all single-home owners, including those who do not live in their homes.
Some lawmakers also want to retain part of a long-term ownership deduction or delay its planned abolition, and keep the tax’s fair-market-value ratio at 60%.
The presidential office says it will maintain its policy of offering tax incentives to people who live in their homes.
The disagreement is sharpening as lawmakers begin reviewing tax legislation ahead of its expected passage in early December.
- Who
- Democratic Party lawmakers, especially those representing the Seoul metropolitan area, and the presidential office.
- What
- Lawmakers are calling for further changes to the government’s property tax plan. The presidential office opposes changing its existing policy approach.
- When
- The dispute was reported on November 9, 2026, ahead of tax legislation expected to pass in early December.
- Where
- South Korea, with the push for changes led by lawmakers from Seoul, Gyeonggi and Incheon.
- Why
- The article says concern about political support in the metropolitan area is driving lawmakers’ demands; the presidential office cites policy consistency.
Democratic Party metropolitan-area lawmakers
Presidential office
Tax deduction
Democratic Party metropolitan-area lawmakers
They want the basic comprehensive real estate tax deduction set at 1.4 billion won for all single-home owners, including non-resident owners.
Presidential office
It has not changed its position on the government plan, which keeps the deduction at 1.2 billion won.
Long-term ownership deduction
Democratic Party metropolitan-area lawmakers
Some lawmakers want to retain part of the ownership deduction or delay its abolition.
Presidential office
It maintains a policy approach that gives tax incentives to people who live in their homes.
Fair-market-value ratio
Democratic Party metropolitan-area lawmakers
Some lawmakers want the ratio to remain at 60%.
Presidential office
The article reports no change in the presidential office’s position on the government plan.
The government announced its property tax plan, and the Democratic Party gathered views through a housing market task force.
The government’s plan was finalized at a Cabinet meeting.
Kim Young-bae held a closed meeting of Seoul lawmakers to discuss property taxes and housing measures.
At a high-level government-party meeting, Democratic Party officials continued to press for a 1.4 billion won basic deduction.
Kim said the fourth week of November was the deadline for changes to the property tax plan.
A metropolitan-area lawmakers’ group planned to hold its first discussion forum on housing stability.
- Proposed basic deduction
- 1.4 billion won for all single-home owners
- Current basic deduction
- 1.2 billion won
- Fair-market-value ratio sought by some lawmakers
- 60%
- Expected tax legislation passage
- Early December 2026
- Planned lawmakers’ forum
- November 11
1 source
What people are saying
We should move in the direction of strongly protecting single-home owners, and it would be good for non-resident single-home owners to have the same basic comprehensive real estate tax deduction.
There has been no formal proposal at the high-level government-party consultative meeting, and these are opinions from lawmakers in Seoul and elsewhere; there is no change in our existing position.
There are even people who think the number of seats in the metropolitan area could be cut in half.