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

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By Yonhap
  • Published KST
President Lee Jae Myung speaks at the 59th Central Integrated Defense Conference held at the Cheong Wa Dae Guest House, Monday. Yonhap

President Lee Jae Myung speaks at the 59th Central Integrated Defense Conference held at the Cheong Wa Dae Guest House, Monday. 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 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 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.