▲ Kim Jin-pyo, Chairman of the Real Estate Special Committee of the Democratic Party
In addition, the Democratic Party is planning to hold a general meeting of lawmakers today (27th) to discuss real estate policy and finalize some of the proposals.
First of all, the Democratic Real Estate Commission is planning to raise the property tax relief plan to raise the upper limit of property tax reductions from 600 million won to 900 million won.
It means that the property tax rate, which is currently applied only to houses under KRW 600 million, will be reduced by 0.05 percentage points to even more expensive houses.
Comprehensive real estate tax for which opinions have not yet been gathered within the Party is a plan to raise the tax base from 900 million to 1.2 billion won, and to amend the levied standard to'top 2%' rather than the publicly announced land price, and maintain the current system but dispose of assets. It is known that three proposals will be submitted to the General Assembly, including the introduction of a tax deferral system that delays the payment of taxes.
On the other hand, it is said that the abolition of the combined exclusion of tax for rental business owners, which was considered promising to expand the housing volume, is highly likely not to be raised to the agenda in today's General Assembly, taking into account the backlash from rental business operators and unrest in the housing market.
Regarding supply measures, the special committee discusses a proposal to lift some of the green belts in the metropolitan area, but there are also negative currents that the party is difficult to make because of the administrative aspects of supply measures.
In this regard, the Democratic Party held a closed party-political agreement at the National Assembly yesterday afternoon to examine the special real estate council to be placed in the Congress.
Yesterday's meeting was attended by members of the Party, including Chairman Kim Jin-pyo, of the Special Real Estate Commission, and from the government, Nam-ki Hong, Deputy Prime Minister of Economy, and Minister of Land, Infrastructure and Transport Noh Hyeong-wook.
(Photo = Yonhap News)