The government will soon announce measures to lower property tax for single-home owners to prevent a sharp tax increase for those people as the nation is seeking to raise the official prices of real estate.

Finance Minister Hong Nam-ki unveiled the plan on Wednesday in his opening remarks at a meeting of economy-related ministers in Seoul. 

The minister said that the government will soon disclose a general plan to reflect the market price of real estate in the official prices for taxation.

Hong said that despite the plan, the government will make sure that property tax does not sharply increase for people who own just one low- or mid-priced home.

The minister said that the meeting will have in-depth discussions on property tax and the government will soon make an announcement after consultation with the ruling party.