Tax revision meant to 'punish' homeowners

People Power Party whip Rep. Jeong Jeom-sig on Tuesday slammed the Lee Jae Myung administration over a recent property tax revision, claiming it penalizes homeowners.

Calling Monday’s tax code adjustment a “tax bomb,” Jeong claimed that the tax burden on homeowners has become heavier, while the burden on those willing to sell remains high.

“This is virtually a punitive tax,” Jeong said on his Facebook Tuesday, adding Monday’s tax hike will lead to an increase in rent as tenants will end up being forced to share homeowners’ increased tax burden.

Another People Power Party lawmaker, Rep. Park Choong-kwon, said Tuesday that the latest tax code revision, if combined with recent housing regulations, would prevent property owners from selling their houses.

“Forcing homebuyers and sellers to comply with impossible requirements is nothing more than arrogance and self-righteousness that breaches the property rights of the people,” Park said in a statement.

Jeong noted that Monday’s tax plan — designed to impose heavier taxes on homeowners who do not live in their houses than on those who do — is a reversal of a promise the president made to homeowners when he was a presidential candidate.

Jeong invoked Lee’s remarks in a radio interview in May 2025, a month before Lee’s election as president, when he said that he will “not use tax policies to address soaring housing prices.”

Jeong also said that Lee had reversed his presidential campaign pledge to ease regulations on housing reconstruction or redevelopment to encourage housing supply.

“Lee lied to the people during the presidential election campaign,” Jeong said.