South Korea keeps property-tax relief for nonresident single-home owners

South Korea’s government kept the comprehensive real estate tax deduction for single-home owners who do not live in the property at 1.2 billion won in assessed value, rejecting a proposed cut to 900 million won. It also retained the 150% cap on annual tax increases and raised the deduction for married couples who jointly own one unoccupied home to 600 million won each.

Analysts said the changes could reduce hurried listings in upscale housing markets, but would have limited impact because broader plans for higher taxes on multiple-home owners and expensive properties remain. Capital-gains tax rules, which market participants have linked to recent discounted listings, were unchanged.

Further revisions remain possible during parliamentary review, leaving some sellers and buyers waiting to see how the full tax package develops.

Read the full story at Seoul Economic Daily.