Lee shares media report on property tax on homeowners comparing foreign cities

▲ President Lee Jae Myung (Yonhap)

Lee-property tax

Lee shares media report on property tax on homeowners comparing foreign cities

By Kim Eun-jung

SEOUL, March 24 (Yonhap) -- President Lee Jae Myung on Tuesday shared a media report on property taxes on homeowners comparing such taxes in other major foreign cities.

In a post on social media platform X, Lee raised the question of why property taxes on homeowners are low in South Korea, compared with other major cities in advanced nations.

The report showed tax rates of around 1 percent in New York, 1.7 percent in Tokyo and 0.4 to 0.6 percent in Shanghai, while South Korea's effective tax rate stands at about 0.15 percent.

For months, Lee has put his top priority on stabilizing home prices.

Last week, Hong Ihk-pyo, senior presidential secretary for political affairs, said on SBS TV that raising the property holding tax is not currently under consideration.

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