The Democratic Party has proposed to the government that the basic exemption standard for the Comprehensive Real Estate Tax (CRET) be unified at 1.4 billion won, regardless of actual residence status.
According to reports from Yonhap News and others on November 8, Park Sung-jun, the party's chief spokesperson, made this statement during a briefing at the National Assembly following a high-level government-party consultation.
Park stated, "If the budget-related laws and real estate tax laws pass this year, property taxes on housing, land, and the CRET will be imposed next year. There has been feedback from the public in Seoul that this important tax issue should be reviewed by the government as well."
He added, "The property tax and CRET are directly linked to the upcoming 2028 general elections, and lawmakers are very interested in this matter."
When asked whether there would be additional high-level government-party consultations on the real estate tax reform plan, he replied, "It is unlikely that there will be further high-level consultations. We do not know how things will unfold when the budget-related laws pass, but the party has made a strong request for this."
* This article has been translated by AI.
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