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🇰🇷 South Korea /Economy & Trade

Democratic Party agrees to expand 'unavoidable non-residence' for single-homeowners

From Hankyoreh · () Korean

Translated from Korean, summarized and contextualized by DistantNews.

At a glance

News Named sources New plan
  • South Korea's ruling Democratic Party and the government have reached a consensus to expand the definition of "unavoidable reasons" for not residing in a single-home property.
  • This expansion aims to allow periods of non-residence to be counted as periods of residence for tax purposes, particularly for homeowners facing unavoidable circumstances.
  • The party also agreed to delegate authority to district heads for redevelopment projects involving fewer than 500 households, aiming to shorten approval times.

South Korea's ruling Democratic Party, along with the government and presidential office, has agreed to broaden the scope of "unavoidable reasons" for not residing in a single-home property. This move is intended to ease the tax burden on homeowners who are temporarily unable to live in their primary residence due to circumstances beyond their control.

The party's chief spokesperson, Park Sung-joon, announced after a high-level party-government consultation that there is a consensus on expanding the recognition of residence periods for those who are non-resident for unavoidable reasons. Specifically, the Democratic Party strongly requested that the distinction between residence and non-residence should not apply to single-homeowners for the purpose of the comprehensive real estate tax (Jongbusae).

There is a consensus between the party and the government on expanding the recognition of residence for those who are non-resident for unavoidable reasons, among other opinions raised.

— Park Sung-joonDemocratic Party Chief Spokesperson, announcing the agreement on expanding non-residence recognition for tax purposes.

Furthermore, the party agreed to improve the system by granting district heads the authority to approve redevelopment projects for housing complexes with fewer than 500 households. This delegation of power is expected to expedite the approval process for such projects, addressing demands from local government officials, including Seoul district mayors. The party plans to pursue relevant legislation in the National Assembly to implement these changes.

These policy adjustments reflect ongoing efforts to address housing market concerns and property taxation issues within South Korea. The expansion of non-residence recognition for tax purposes aims to provide relief to homeowners facing specific hardships, while the delegation of authority for smaller redevelopment projects seeks to streamline urban renewal processes.

For Jongbusae, the Democratic Party strongly requested that the distinction between residence and non-residence not be applied to single-homeowners.

— Park Sung-joonDetailing the party's specific proposal regarding the comprehensive real estate tax for single-homeowners.
DistantNews Editorial

Originally published by Hankyoreh in Korean. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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