Prime Minister Kim Boo-kyum has responded negatively to views on easing comprehensive real estate taxes. 

In a meeting with reporters at the government complex in Sejong City on Tuesday, Kim said he is well aware of proposals from political circles to raise the bracket on comprehensive real estate taxes to one-point-two billion won from 900 million won. 

Currently, houses that are valued at less than 900 million won are not subject to the tax but proponents of the proposal say the threshold should be raised to reflect a spike in housing prices in recent years. 

Kim said such a change will adversely affect citizens who have complied with the government’s direction to contain real estate speculation, noting that the government should maintain its policy goal to slowly yet steadily lower housing prices and stabilize them.
Calling any proceeds from an increase in housing prices “unearned income,” the prime minister said he thinks such proceeds should be returned to society in one way or another.  

He also pointed out rich neighborhoods do not have unpleasant facilities such as garbage incineration plants and power plants, calling for a more equitable distribution of such risks among communities.