Song Young-gil: "260 Million KRW Single-Home Comprehensive Real Estate Tax 500,000 KRW... Less Tax Than Sonata"

Song Young-gil, leader of the Democratic Party of Korea, is attending the launch ceremony of the 3rd term of the Democratic Party 4050 Special Committee and the 4050 Headquarters of the Great Transformation Election Committee held at the National Assembly on the 22nd, delivering a congratulatory speech. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Naju-seok] Song Young-gil, leader of the Democratic Party of Korea, stated on the 23rd that the burden of the Comprehensive Real Estate Holding Tax (종부세) is not excessive and compared it to the tax imposed on vehicles. Song said, "The 종부세 on a 2.6 billion won house is less than the tax on a Sonata mid-sized car."

On the same day, Song shared a news article on social media (SNS) titled "Contrary to the government's explanation that only 2% of the population pays 종부세, the rate is about 4.6% based on household size," and made this claim.

He mentioned, "Among one-household one-home 종부세 taxpayers, over 70% own houses valued at 2.6 billion won (officially assessed at 1.7 billion won), and the tax is about 500,000 won," adding, "The automobile tax on a Sonata 2000cc mid-sized car is 520,000 won (260 won per cc)."

He continued, "After I became party leader, I raised the 종부세 threshold from 900 million won to 1.1 billion won (market price 1.6 billion won)," emphasizing, "In other words, those with houses valued at 1.6 billion won or less do not pay 종부세, so 98% of the entire population is not subject to it."