Kim Yong-beom: "We are considering limits on long-term holding deductions and exit options for multi-homeowners" [Real Estate Measures Imminent]

Cheong Wa Dae is reviewing a cap on the special long-term holding deduction and measures to create an exit route that would encourage multi-homeowners to put properties on the market as part of a real estate tax overhaul. While it is also gathering opinions on the standard for ultra-high-priced homes, the government plans to use that process to flesh out its tax, supply, and financing measures.
Kim Yong-beom, senior presidential secretary for policy at Cheong Wa Dae, said on CBS Radio's 'Park Sung-tae's News Show' on the 27th, "There are a range of views on how to strengthen the property tax area and what the standard for ultra-high-priced homes should be." He added, "We are collecting opinions on the standard for ultra-high-priced homes by conducting polls, reviewing media reports, and listening to views raised at the previous forum."
Regarding adjustments to the long-term holding special deduction for capital gains tax, Kim said, "There is a cap on the special long-term holding deduction." He added, "In the case of multi-homeowners, there is an opinion that we should open an exit so they can list properties for sale if property taxes are tightened."
Measures to ease the tax burden for people who move to provincial areas after retirement are also under review. Kim said, "Several constructive suggestions were raised that we should reduce the tax burden for those who move to the provinces after retirement." He added, "We are also considering ways to properly reflect those views in policy."
Joon-Kyung Ha, senior presidential secretary for economic growth, also said on SBS Radio's 'Kim Tae-hyun's Political Show' that, regarding the direction of property taxes, "We need to consider various factors and look at examples from other countries in introducing a socially appropriate level of property tax." He added, "That said, we must not undermine housing welfare." He explained, "We plan to proceed by considering all values together, including housing welfare, social efficiency, and tax fairness."
Supplementary measures for rent and lease markets, housing supply, and finance are also being prepared. Ha said of the rent and lease measures, "They are actually being prepared at various levels." He added, "We have also prepared measures for areas that can be supplied quickly in the short term."
[email protected] Sung Seok-woo Reporter