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[Monitor] Owners of multiple homes to face heavier tax burden

According to a new set of real estate regulations announced Friday, owners of multiple homes in certain high-demand areas of Seoul will face comprehensive real estate taxes in the range of 1.2 percent to 6 percent, resulting in a heavier tax burden, starting next year.

Those who own homes whose total value is between 2.3 billion won and 6.9 billion won will have to pay double what they do now, based on the assumption that their value will increase 10 percent next year.

The government also increased the sales tax rate to 70 percent for anyone who sells a home within a year of purchasing it. Those seeking short-term gains through housing transactions within more than a year but less than two years will face a 60 percent sales tax.