김은정
| 2026-04-06 11:57:05
Lee-property tax
Lee proposes exemption from heavier tax for multiple home owners when they sell properties by May 9
By Kim Eun-jung
SEOUL, April 6 (Yonhap) -- President Lee Jae Myung on Monday suggested that the government could consider exempting owners of multiple homes from heavier capital gains tax until May 9, in an apparent effort to give them more time to sell their properties before the tax exemption expires.
Under the revised law, the government will impose heavier capital gains tax on owners of multiple properties starting May 9. Market watchers said owners need to begin selling their properties this month to complete their transaction before the deadline.
Lee said during a Cabinet meeting that the government could consider allowing applications for tax relief by May 9, as the temporary exemption for multi-homeowners is currently set to expire on that date for transactions that are fully completed.
He noted that many people understand both the approval and contract must be completed by then, but the time required for approval applications and review effectively makes property sales difficult after mid-April.
"I'm not sure there's a need to approach it that way. While maintaining the deadline, we could consider allowing cases where applications are submitted by May 9," Lee said.
Under the revision, a maximum tax rate of up to 75 percent will apply to capital gains from the sale of homes owned by multiple-property holders in designated speculative areas, mostly in the wider capital region, as part of the government's push to stabilize rising housing prices.
A four-month grace period will be given for properties in Seoul's upscale Gangnam and Yongsan districts and up to six months for newly designated speculative zones in other Seoul districts and some areas of the surrounding Gyeonggi Province. It will apply to cases in which final payments are completed or ownership registration is finalized within the specified time frame.
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