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South Korea Plans Property Tax Overhaul Based on Property Value Instead of Unit Count

2026-07-23 01:58:42

According to Professor Kang Sung-hun of Hanyang University on July 23, South Korea's government is considering reshaping its comprehensive property tax system to shift the basis from the number of residential units held to the total property value. The current system applies different tax rates based on the number of properties owned, but Kang noted this creates inequity in tax administration. For example, a person holding one 3-billion-won property faces lower tax rates than someone with three 1-billion-won properties. Alongside the property tax reform, the government is also examining adjustments to capital gains tax to ensure these two tax systems work harmoniously to stabilize the real estate market.

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