President Lee Jae Myung on Tuesday shared a media report on social media platform X comparing property taxes on homeowners in major foreign cities to South Korea's. He questioned why South Korea's effective tax rate of about 0.15 percent is low compared to around 1 percent in New York, 1.7 percent in Tokyo, and 0.4 to 0.6 percent in Shanghai. Lee has prioritized stabilizing home prices for months.
On March 24, 2026, President Lee Jae Myung shared a media report on social media platform X comparing property taxes on homeowners in major foreign cities. The report highlighted tax rates of around 1 percent in New York, 1.7 percent in Tokyo, and 0.4 to 0.6 percent in Shanghai, while South Korea's effective tax rate stands at about 0.15 percent. In the post, Lee raised the question of why property taxes on homeowners are low in South Korea compared with other major cities in advanced nations. For months, President Lee has made stabilizing home prices his top priority. Last week, Hong Ihk-pyo, senior presidential secretary for political affairs, stated on SBS TV that raising the property holding tax is not currently under consideration. The Korea Times and Yonhap News Agency reported the incident from Seoul.
