Gov't to exempt owners of multiple homes from heavier tax if they sell by May 9 | Yonhap News Agency

## Summary
OK SEOUL, April 9 (Yonhap) -- The government will exempt owners of multiple homes from higher capital gains taxes should they file for sales permits by May 9, the finance ministry said Thursday. The ministry said the grace period for owners of multiple homes in designated speculative areas will end as scheduled May 9, but those who apply for land transaction permits by the same day will be excluded from the heavier tax. Apartment buildings in Seoul (Yonhap) . khj@yna.co.kr (END) Related Articles Lee proposes exemption from heavier tax for multiple home owners when they sell properties by May 9 Lee hints at keeping tax benefits for owners of one home where they do not temporarily reside Lee shares media report on property tax on homeowners comparing foreign cities Keywords #property tax Articles with issue keywords Most Liked (LEAD) BTS tops Billboard albums chart for 2nd week with 'Arirang,' a first in K-pop BTS to drop 'Come Over,' exclusive new track on 'Arirang' LP 'Beef' Season 2 deepens Korean narrative, casts A-listers Youn Yuh-jung, Song Kang-ho BTS tops Spotify weekly charts for 2nd week with new album 'Arirang' Lee voices hope for peace in Easter message Most Saved 'Beef' Season 2 deepens Korean narrative, casts A-listers Youn Yuh-jung, Song Kang-ho (3rd LD) Lee says S. Korean road lined with cherry blossoms KOSPI falls prev Gov't to exempt owners of multiple homes from heavier tax if they sell by May 9 Next Gov't to exempt owners of multiple homes from heavier tax if they sell by May 9

## Article Content
Facebook
X
More
Pinterest
Linked in
Tumblr
Reddit
Facebook Messenger
Copy URL
URL is copied.
OK
SEOUL, April 9 (Yonhap) -- The government will exempt owners of multiple homes from higher capital gains taxes should they file for sales permits by May 9, the finance ministry said Thursday.
The move follows President Lee Jae Myung's directive earlier this week to introduce supplementary measures giving people owning multiple homes extra time to sell properties before the exemption ends, with the law imposing higher taxes set to take effect May 9.
The ministry said the grace period for owners of multiple homes in designated speculative areas will end as scheduled May 9, but those who apply for land transaction permits by the same day will be excluded from the heavier tax.
Accordingly, sales transactions of properties in Seoul's long-designated speculative zones -- Gangnam, Seocho, Songpa and Yongsan districts -- need to be completed by Sept. 9, the ministry added. For those in the remaining 21 other districts of Seoul that were newly designated as speculative zones in October, owners have up to six months, or until Nov. 9, to complete transactions.
The maximum tax rate will reach 75 percent for capital gains on homes in designated speculative areas, primarily in the greater Seoul region, as part of the government's effort to curb rising housing prices.
Apartment buildings in Seoul (Yonhap)
.
khj@yna.co.kr
(END)
Related Articles
Lee proposes exemption from heavier tax for multiple home owners when they sell properties by May 9
Lee hints at keeping tax benefits for owners of one home where they do not temporarily reside
Lee shares media report on property tax on homeowners comparing foreign cities
Keywords
#property tax
Articles with issue keywords
Most Liked
(LEAD) BTS tops Billboard albums chart for 2nd week with 'Arirang,' a first in K-pop
BTS to drop 'Come Over,' exclusive new track on 'Arirang' LP
'Beef' Season 2 deepens Korean narrative, casts A-listers Youn Yuh-jung, Song Kang-ho
BTS tops Spotify weekly charts for 2nd week with new album 'Arirang'
Lee voices hope for peace in Easter message
Most Saved
'Beef' Season 2 deepens Korean narrative, casts A-listers Youn Yuh-jung, Song Kang-ho
(3rd LD) Lee says S. Korea, France agree to cooperate on safe passage through Strait of Hormuz
Defense chiefs of S. Korea, France discuss security, arms cooperation
(5th LD) S. Korea, France agree to cooperate on safe passage through Strait of Hormuz
Lee voices hope for peace in Easter message
Most Viewed
All Categories
N. Korea again fires ballistic missile toward East Sea: JCS
(2nd LD) N. Korea conducts back-to-back ballistic missile launches in show of force
(3rd LD) N. Korea fires short-range ballistic missiles in back-to-back launch
(LEAD) N. Korea says test-fired tactical ballistic missile tipped with cluster bomb warhead
Singer-actor Cha Eun-woo says he has paid off taxes related to evasion allegations
Most Viewed More
Most Viewed Photos
Wolf escapes at amusement park
BTS to launch world tour
S. Korean road lined with cherry blossoms
KOSPI falls
prev
Gov't to exempt owners of multiple homes from heavier tax if they sell by May 9
Next
Gov't to exempt owners of multiple homes from heavier tax if they sell by May 9

---

## Expert Analysis

### Merits
N/A

### Areas for Consideration
- Apartment buildings in Seoul (Yonhap) . khj@yna.co.kr (END) Related Articles Lee proposes exemption from heavier tax for multiple home owners when they sell properties by May 9 Lee hints at keeping tax benefits for owners of one home where they do not temporarily reside Lee shares media report on property tax on homeowners comparing foreign cities Keywords #property tax Articles with issue keywords Most Liked (LEAD) BTS tops Billboard albums chart for 2nd week with 'Arirang,' a first in K-pop BTS to drop 'Come Over,' exclusive new track on 'Arirang' LP 'Beef' Season 2 deepens Korean narrative, casts A-listers Youn Yuh-jung, Song Kang-ho BTS tops Spotify weekly charts for 2nd week with new album 'Arirang' Lee voices hope for peace in Easter message Most Saved 'Beef' Season 2 deepens Korean narrative, casts A-listers Youn Yuh-jung, Song Kang-ho (3rd LD) Lee says S.

### Implications
- OK SEOUL, April 9 (Yonhap) -- The government will exempt owners of multiple homes from higher capital gains taxes should they file for sales permits by May 9, the finance ministry said Thursday.
- The move follows President Lee Jae Myung's directive earlier this week to introduce supplementary measures giving people owning multiple homes extra time to sell properties before the exemption ends, with the law imposing higher taxes set to take effect May 9.
- The ministry said the grace period for owners of multiple homes in designated speculative areas will end as scheduled May 9, but those who apply for land transaction permits by the same day will be excluded from the heavier tax.
- The maximum tax rate will reach 75 percent for capital gains on homes in designated speculative areas, primarily in the greater Seoul region, as part of the government's effort to curb rising housing prices.

### Expert Commentary
This article covers tax, owners, lee topics. Areas of concern are also raised. Readability: Flesch-Kincaid grade 0.0. Word count: 533.