Abolition of Long-Term Property Tax Deduction Emerges as Key Issue in Local Elections

President Lee Jae-myung's renewed intention to abolish the system that offers tax breaks for those who hold onto their homes for extended periods (Special Deduction for Long-Term Holding) is escalating the conflict between the ruling and opposition parties over real estate tax policies, coinciding with the upcoming June 3 local elections.

Seoul Mayor Oh Se-hoon strongly opposed the move on Facebook on April 25, labeling the abolition of the Special Deduction for Long-Term Holding (장특공) as 'state violence.' Mayor Oh criticized President Lee Jae-myung for effectively stigmatizing single-home owners who do not reside in their properties as speculators. Mayor Oh publicly demanded that Jung Won-oh, a former Seongdong-gu district head and the Democratic Party's candidate for Seoul mayor, clarify his stance on the abolition of the Special Deduction for Long-Term Holding, stating it is 'a question that any candidate aiming to be responsible for the lives of 10 million Seoul citizens must answer.'

Candidate Jung Won-oh previously stated on the 21st that the current rights of single-home owners who are primary residents must be unconditionally protected, and that the rights of all single-home owners should be safeguarded unless they are for speculative purposes. Responding to Mayor Oh's offensive, Candidate Jung argued, 'Constantly stirring up conflict over issues that haven't even been discussed yet only makes citizens anxious.' He added, 'The role of the Seoul mayor is not to provoke conflict but to unite efforts for people's livelihoods and citizens' interests.'