Govt' to 'rationalize' property tax system: finance minister | Yonhap News Agency
Finance Minister Koo Yoon-cheol announced plans to reform the property tax system in response to soaring housing prices in Seoul and Gyeonggi Province.
📋 Key Points
- On October 15, 2023, Finance Minister Koo Yoon-cheol revealed the government's intent to propose a comprehensive reform of the real estate taxation system.
- The announcement comes amid rapidly rising housing prices in the wider Seoul area, which has prompted concerns over affordability and taxation equity.
- Koo emphasized that the reform aims to create a more rational property tax system to address the challenges faced by residents in Seoul and Gyeonggi Province.
💡 Why It Matters
This reform is significant as it aims to alleviate the financial burden on homeowners and potential buyers in Seoul and Gyeonggi Province. Rising housing prices have made home ownership increasingly unattainable for many, and changes to the tax system could provide necessary relief. Stakeholders should watch for specific proposals and timelines that could reshape the real estate landscape in South Korea.
📊 Event Details
This story is being tracked across 23 news sources.
Event ID: eng-11053409
Category: Technology → News
Last Updated: October 15, 2025