Democratic Party Seoul Lawmakers to Meet on the 5th to Weather Real Estate Backlash

Lawmakers from the Democratic Party of Korea representing Seoul districts plan to gather at the National Assembly as early as the 5th to compile their views on real estate taxation. The meeting is being organized out of concern over deteriorating public sentiment on real estate policy.

With expectations that elections in Seoul districts will be tough in the 23rd general election, now a little over a year and a half away, the aim is to coordinate their position ahead of this month's tax law review by the tax subcommittee of the National Assembly's Strategy and Finance Committee.

The meeting is expected to focus mainly on the basic deduction limit for comprehensive real estate tax on non-resident single-home owners, the scope of acceptable unavoidable reasons for non-residency, and easing of land transaction permit zones and lending regulations.

Another Seoul lawmaker explained, "The real estate tax overhaul will essentially be settled during the tax subcommittee's review, so we are meeting to discuss and convey the views of Seoul-area lawmakers, who are heavily affected by real estate taxation." The lawmaker said the outcomes could be relayed to the party's general meeting of lawmakers or leadership, depending on the discussion.