President Lee Jae-myung Polls Public on Property Tax for 'Ultra-High-Priced' Homes During Live Cabinet Meeting

During a live-streamed State Council meeting, President Lee Jae-myung directly solicited public opinion on the controversial issue of imposing additional property taxes on owners of 'ultra-high-priced' single homes. The President proposed a live poll via comments, asking attendees to vote '1' if they agreed with additional tax burdens beyond standard protections for such properties, and '2' if they disagreed.

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If you agree with additional holding burdens for ultra-high-priced homes, even if you own just one home, please write 1 in the comments; otherwise, write 2.

The impromptu poll, conducted over a minute during the broadcast, revealed a strong public sentiment favoring additional taxation. Lim Ki-geun, Director-General of the Prime Minister's Office, reported that approximately 90% of the comments supported the idea, while only about 10% opposed it. President Lee noted that the threshold for such additional taxes would be discussed further, expressing surprise that 3 billion KRW was the most frequently suggested figure, rather than the anticipated 5 billion KRW.

Discussions also touched upon the specific monetary thresholds, with policy officials like Kim Yong-beom suggesting that a 2 billion KRW threshold might be too low, potentially causing significant issues. The meeting also included a lighthearted exchange where Prime Minister Han Sung-sook humorously confirmed owning a home valued over 2 billion KRW.

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The public opinion was that 3 billion KRW was the most frequent suggestion.

This initiative is part of a broader government effort to address the housing market. Public forums are scheduled from the 14th to the 16th, focusing on supply, finance, and taxation, followed by a grand debate on the 23rd with President Lee's participation. The Ministry of Economy and Finance outlined 11 key tax-related issues, including regional tax differentials, phased implementation, appropriate levels for property and comprehensive real estate taxes, and adjustments to long-term holding deductions. The Ministry of Land, Infrastructure and Transport presented seven supply-related issues, such as easing regulations for private redevelopment and deregulation for non-apartment housing. The Financial Services Commission identified three key financial issues, including loan regulations for first-time buyers and newlyweds.

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I have one house, but it exceeds 2 billion KRW.