The government will consider temporarily granting second-home owners similar tax benefits as single-home owners.
The Ministry of Economy and Finance issued a press release on Monday announcing that it is actively reviewing an easing of the tax burden on certain individuals who find themselves temporarily owning two properties due to unavoidable reasons, such as moving or inheritance.
If passed, the benefits for single-home owners announced in an earlier proposal will extend to eligible second-home owners, who will see tax rates similar to rates from last year. The elderly will also be allowed to postpone the payment of the so-called comprehensive real estate tax until the ownership is transferred.
However, it added that this will require an amendment to the law, which means additional legislative measures are needed.
Source: KBS World Radio