Finance Minister Hong Nam-ki said on Thursday that the government will make preparations to ensure that property tax cuts for homeowners are applied from next month.

The minister made the remarks while presiding over a meeting of economy-related ministers in Seoul.

The government and the ruling Democratic Party earlier agreed to raise the upper price limit of homes subject to property tax cuts from 600 million won to 900 million won. 

They also decided to reduce the property tax rate for houses from 600 million won to 900 million won by point-05 percentage points.

Minister Hong vowed thorough preparations to ensure the parliamentary passage of the related bill within this month, so that the reduced tax rates will take effect in July.  

Homeowners are supposed to pay half of their property taxes in July and the other half in September every year.