The government is pushing forward with a tax revision plan to curb the overheating of the real estate market. The capital gains tax will raise the tax rate on properties where the transfer profit is larger than the housing price, and set a limit on the special deduction for long-term holdings to restrict excessive reductions. The comprehensive real estate tax will apply the multi-homeowner level tax rate to houses with a market value of 4.6 billion won or more, and increase the fair market value ratio to expand the scope of taxation. To prevent property locking, the government is considering temporarily easing the transfer tax surcharge for multi-homeowners and providing incentives for retirees who relocate to other regions.
