The government is mulling ways to scrap heavy property acquisition taxes for owners of multiple homes some two years after they came into effect.

According to a government official on Wednesday, the finance, interior and land ministries are holding inter-agency discussions on ways to revamp the tax rates introduced by the previous administration in an effort to curb soaring housing prices.

Under local tax law, people who acquire two or more homes must pay acquisition taxes of eight percent, while people and companies with three or more properties have to pay 12 percent, both substantially higher rates than the one-to-three percent tax for single-homeowners.

One option that the government is considering is levying acquisition taxes of between one and three percent on homeowners who have up to three homes while slapping a four-percent tax on people who have four or more homes.