The South Korean government is looking to change the way it assesses the value of real estate so it can charge higher property taxes as a way of cooling down the housing market.
The Ministry of Land, Infrastructure and Transport unveiled the proposal Tuesday in a public hearing.
Under the plan, by 2030, the government would assess property at either 80, 90 or a hundred percent of its market value.
The current rates are 65-and-a-half percent for land and 69 percent for homes.
One of the three proposed rates will be finalized after taking into account opinions from the hearing.
The Ministry of Land, Infrastructure and Transport unveiled the proposal Tuesday in a public hearing.
Under the plan, by 2030, the government would assess property at either 80, 90 or a hundred percent of its market value.
The current rates are 65-and-a-half percent for land and 69 percent for homes.
One of the three proposed rates will be finalized after taking into account opinions from the hearing.
Reporter : shmin@arirang.com
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