Ruling Party Seoul Lawmakers Coordinate Revisions Ahead of Real Estate Talks with Government
Comprehensive Real Estate Holding Tax deductions and special long-term holding deductions, among other issues
Direction to be finalized by the third week of this month
Democratic Party of Korea lawmakers from Seoul are working on revisions to protect genuine homebuyers ahead of a reform of the real estate tax system. With regional opinions divided over deductions for the Comprehensive Real Estate Holding Tax and the special long-term holding deduction, they plan to finalize the direction of the tax reform by the third week of November and pursue consultations with the government.
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According to the Democratic Party of Korea on November 6, Seoul lawmakers held a closed-door meeting at the National Assembly the previous day, sharing concerns about the tax burden on non-resident single-home owners and rental business operators, as well as housing difficulties faced by young people and newlyweds.
Kim Young-bae, chair of the Democratic Party's Seoul chapter, speaks at the party's 2026 Seoul budget policy meeting. Yonhap News
View original imageKim Young-bae, chair of the Democratic Party of Korea's Seoul City Party, said after the meeting, "There was broad agreement that we should move toward providing strong protection for ordinary people and genuine homebuyers who own one home." However, the lawmakers did not come up with specific revisions due to differences of opinion among regions, including Gangnam, Mayongseong (Mapo, Yongsan and Seongdong), and Gangbuk. In its report, "Analysis of the 2026 Tax Revision Bill," the National Assembly Budget Office said, "The real estate tax reform proposal is expected to widen disparities in the tax burden among individual taxpayers." Seoul lawmakers agreed to organize tax and housing supply-related agenda items, led by Kim, Oh Ki-hyung, the Democratic Party's floor negotiator on the National Assembly's Finance and Economy Committee, and Kim Nam-geun, a member of the Land, Infrastructure and Transport Committee.
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