South Korea Hears Real Estate Tax Reform Proposals on July 16, Experts Clash on Rate Levels

According to Yonhapnews, South Korea's Finance Ministry held a real estate tax policy hearing on July 16 in Seoul, with over 60 experts, scholars, and citizens participating. Experts proposed shifting the comprehensive property tax assessment from the number of properties to total property value and raising levies on non-residential and ultra-high-priced homes to developed-nation levels.

However, economists countered that South Korea's property holding tax already represents 1.23% of GDP, exceeding the OECD average of 0.95%, and argued policymakers should focus on housing supply and regional development rather than further tax increases.