President Lee calls on public to share views on real estate taxes ahead of national debate

President Lee Jae Myung, on a state visit to Mongolia, called on the public Friday to share their views on key real estate policy issues, saying that announcing major debate topics in advance — including what level of property holding tax would be appropriate — would help foster a meaningful national discussion.

Lee made the remarks in a post on X, formerly Twitter, in connection with the national real estate debate forum scheduled for July 23.

In the post, Lee laid out a series of questions he said should be put to the public ahead of the forum: what constitutes an appropriate property holding tax; whether a distinction should be drawn between owner-occupied single homes and non-residential or multi-home properties, and how large that gap should be; whether ultra-high-priced primary residences should be treated separately; what price threshold should trigger an additional burden on such properties; how holding taxes and transaction taxes should relate to each other; and how holding tax revenue should be used. "I hope you will also share your views on these key issues," he said.

Lee added that he would instruct relevant ministries and Cheong Wa Dae staff to compile the key issues and announce them in advance.

Lee is set to personally chair the national real estate debate forum on July 23, at which members of the public will participate directly. In the lead-up to that event, the Ministry of Land, Infrastructure and Transport, the Financial Services Commission and the Ministry of Finance and Economy are each scheduled to hold separate public forums from Monday through Wednesday next week, covering housing supply, finance and taxation, respectively.