August 20, 2021 08:23
The government is easing the real-state tax burden on people who own just one home as property values go through the roof.
The ruling Minjoo Party and opposition parties on Thursday agreed to raise the threshold where homeowners start paying property surtax from homes worth W900 million to W1.1 billion (US$1=W1,176).
The tax ranges from around half percent to three percent of the value of the home. With the raised threshold, about 16 percent of apartments in Seoul will still be subject to property surtax.
The proposal will be submitted to the National Assembly on Aug. 25.
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