South Korea’s ruling Democratic Party has asked the government to set the basic property-tax exemption for all one-home owners at 1.4 billion won, regardless of whether the home is occupied by its owner. The government’s revised position would apply a 1.4 billion won exemption to owner-occupied homes and 1.2 billion won to non-owner-occupied homes, after an initial proposal set the latter at 900 million won.
The party says the tax burden and voter sentiment ahead of the next general election warrant a uniform threshold, while the presidential office has maintained that the occupancy distinction should remain. Further coordination will determine whether the non-owner-occupied threshold stays at 1.2 billion won or rises to the same 1.4 billion won level.