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The government has embarked on amending the law on the controversial comprehensive real estate taxes. The new amendments would defer payment of the taxes for homeowners aged 65 or older without or with little income, and collect the taxes when the home is sold after their death.
The strongest criticism of the current tax comes from retired people who own a high-priced home but have no other source of income.
The government is also considering lowering the eligibility threshold for an 80 percent discount on property transfer taxes. The current law stipulates that a household that owns a home worth W600 million (US$1=W1,006) or more can get 80 percent discount on the taxes if it has owned it for 20 years or longer. That limit could be reduced to 10 years.
(englishnews@chosun.com )
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