The government has decided to ease the taxation burden on those who own one home following an increase in property taxes stemming from escalated housing prices.

Finance Minister Hong Nam-ki announced the decision during a meeting with related ministers on Wednesday aimed at checking real estate markets.

Stressing that it is a temporary measure, Hong said the holding tax to be paid by single-home owners will be maintained at last year’s level.

He said the new taxation plan will also likely ensure national health insurance benefits will remain intact.

The minister also announced a plan to allow single-home owners aged 60 and older to defer their comprehensive real estate tax.

Further details will be announced later in the day during a joint briefing with related ministries, he said.