Could the Comprehensive Real Estate Holding Tax deduction for non-owner-occupied single-home owners rise from 1.2 billion won to 1.4 billion won? Ruling party says it should apply equally

[Financial News] The Democratic Party of Korea reaffirmed on the 9th its position that the basic deduction for the Comprehensive Real Estate Holding Tax should also be raised by 200 million won, from 1.2 billion won to 1.4 billion won, for owners of a single home who do not live in it.
Kim Young-bae, chair of the Democratic Party of Korea's Seoul chapter, told reporters after a press conference at the National Assembly Communication Center that day urging passage of the Urban Improvement Act, “The party is moving in the direction of giving single-home owners robust protection. Our position is that the same Comprehensive Real Estate Holding Tax rules should apply to owners of a single home who do not live in it as to those who do.”
In fact, the previous day, the 8th, the Democratic Party of Korea formally proposed to the government at a Senior Party-Government Council meeting that the basic deduction for the Comprehensive Real Estate Holding Tax be raised for owners of a single home who do not live in it.
Kim said, “It is true that real estate prices overall are showing a stabilizing trend, but there are people trying to enter the housing market to meet their own housing needs, as well as people suffering from problems with jeonse and monthly rent. It seems the party made the request on the grounds that it would be good to pursue a measure that can kill two birds with one stone: robustly protecting single-home owners while also working to stabilize real estate prices.”
He added, “We haven’t yet set a separate schedule for consultations between the party and the government,” but left open the possibility of discussions in various forms, saying, “Among the members of the Seoul chapter, Democratic Party lawmaker Oh Gi-hyoung serves as a secretary on the National Assembly’s Strategy and Finance Committee, and many lawmakers belong to the National Assembly Land, Infrastructure and Transport Committee, so they are positioned across key standing committees. We are the ones who need to coordinate the details in practical terms.”
With the Democratic Party of Korea’s plan to raise the basic deduction for the Comprehensive Real Estate Holding Tax for owners of a single home who do not live in it effectively settled, the Blue House is reportedly expressing reservations. It is concerned that the overarching principle of this round of real estate tax reform—“increasing the tax burden on non-owner-occupied homes”—could be undermined.
Kwon Chil-seung, the party’s policy committee chair, told reporters after the Supreme Council meeting in North Gyeongsang Province that day, “Yesterday’s (the 8th) senior party-government meeting was not a forum where the government put forward a position or held a serious discussion; it was an occasion for the party to propose the direction it had in mind.”
Regarding the possibility of another senior party-government meeting, Kwon said, “We need to consult on real estate tax matters,” adding, “Tax-related bills must be reviewed and finalized at the end of the year. For now, we will continue consultations, taking our time.”
[email protected] Kim Hyeong-gu Reporter