Democratic Party proposes ‘temporary two-house’ property tax relief bill… retroactive

On the morning of the 20th, a letter of advice on property taxes attached to real estate in an apartment complex in downtown Seoul. News 1

On the 27th, the Democratic Party of Korea introduced a bill to ease the property tax on temporary two-family homeowners.

The bill makes it possible to apply retroactively from this year’s payments, so that the tax amount already paid can be refunded.

Rep. Yoon Hoo-deok, chairman of the National Assembly’s Planning and Finance Committee, said in a phone call with Yonhap News on the same day that he had proposed an amendment to the Restriction of Special Taxation Act.

According to a bill proposed by Rep. Yoon, if a child temporarily becomes a second-homeowner due to a move or inheritance due to a child attending school or changing a job, the tax on the newly acquired house will be excluded from the sum of the tax for two years.

In addition, if there is a house owned by someone else on the land attached to a traditional temple, a seowon, a house owned by a clan, or a house in a rural or fishing village or hometown, the aggregate exclusion applies.

For social housing or cooperative housing that has no speculative purpose, the progressive tax rate applied to private housing, such as public interest corporations, is applied instead of the single tax rate applied to general corporate housing.

In addition, if the elderly or low-income earners have difficulties paying the tax, the taxpayer can defer the payment until the house is disposed of.

Rep. Yoon, the head of the Democratic Party’s election campaign headquarters, said, “This is a bill to improve those who have become second-homeowners due to unavoidable circumstances so that they do not feel injustice. “He said.

Earlier on the same day, presidential candidate Lee Jae-myung also said on Facebook that “there are many cases in which the people feel injustice due to the poor design of the system.”


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