South Korean President Lee Jae‑myung backs higher tax on ultra‑luxury homes

President Lee Jae‑myung held a live‑streamed YouTube poll during a cabinet meeting to ask the public whether the tax on ultra‑high‑value one‑home owners should be increased. About 90% of respondents voted in favor of stronger taxation.

Lee said the current benchmark of 30 billion won for classifying a home as “ultra‑luxury” was too harsh and indicated that a more realistic threshold might be 40‑50 billion won. He warned that imposing the tax at that level could have significant fiscal impact but stressed that the goal is tax normalisation rather than forcing owners to sell.

Analysts note that roughly 5,700 households, mainly in affluent districts of Seoul such as Gangnam, Seo‑cho, Songpa and Yongsan, could fall into the new tax bracket. The proposal may lead to a separate tax tier for these properties, potentially raising the tax burden to levels comparable with multi‑home owners. Lee also disclosed that he is in the process of selling his own apartment in Seongnam, which has an estimated market value of around 27 billion won.