Gov't targets high-value, non-owner-occupied homes in tax overhaul

South Korea's government will significantly raise taxes on high-value homes not owned by occupants, scaling back tax benefits for non-owner-occupied and multiple-home properties starting in 2029. Finance Minister Koo Yun-cheol announced the overhaul Monday, part of President Lee Jae Myung's 2026 tax reform aimed at stabilizing home prices and supporting genuine homebuyers. The plan restructures capital gains and comprehensive real estate tax systems to shift deductions from ownership duration to residency period, increasing tax burden on investment properties while easing it for owner-occupied homes.