Lee says property holding tax should be tripled, but would face riot-like backlash

President Lee Jae Myung said Thursday that Korea would need to triple its property holding tax rate to meet levels in other advanced economies, but warned that such a sharp increase would face strong public resistance.

Lee made the remarks during a national forum on real estate policy held at KBS in Yeouido, Seoul.

Property holding taxes refer collectively to the local property tax and the national comprehensive real estate holding tax, which is imposed on owners whose combined property value ex ...