Korean Parliament To Push Through Major Property Tax Increase

I guess somebody has to pay for the free money the DPK plans to handout after their election win:

The ruling Democratic Party, now in control of both the Blue House and a majority in the National Assembly after last week’s elections, is expected to move swiftly to reshape real estate policy in Korea.

Lawmakers are expected to soon begin discussing proposals for a comprehensive real estate tax increase, with the goal of passing a bill before the current session ends at the end of May. The quick turnaround would allow the new rules to be applied before the June 1 deadline, when property taxes are levied.

The new proposals follow recent increases to the government’s assessed values of real estate.

The government is currently proposing increasing the maximum property tax for people who own a single apartment from 2.7 percent to 3 percent. For those with multiple apartments, the tax rate would increase from 3.2 percent to 4 percent. 

The government is also pushing to raise the maximum tax that could be levied on owners of two or more apartments in areas it has designated as speculative or overheated. In the case of Seoul, that’s every district.

Joong Ang Ilbo

You can read more at the link, but the article says that apartment owners in Seocho and Gangnam could pay an additional $58,000 in property tax this year.