July 10, 2020 / 1:30 AM / a month ago

South Korea finance minister says will raise tax rates for multiple home owners

SEOUL (Reuters) - South Korea finance minister on Friday said the government will raise real estate taxes for multiple home owners and encourage renters to unload homes.

Real estate taxes that kick in on properties valued over 600 million won ($499,488) for multiple home owners will be increased, while capital gains tax rates will also be raised, Hong said at a policy meeting.

Hong did not elaborate.

The government also plans to increase home supplies in the metropolitan area surrounding the capital Seoul.

Reporting by Cynthia Kim, Joori Roh; Editing by Shri Navaratnam

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