Seoul: President Lee Jae Myung on Tuesday shared a media report on property taxes on homeowners comparing such taxes in other major foreign cities. In a post on social media platform X, Lee raised the question of why property taxes on homeowners are low in South Korea, compared with other major cities in advanced nations.

According to Yonhap News Agency, the report showed 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. This comparison highlights the disparity between South Korea and other global cities regarding property taxation.

For months, Lee has put his top priority on stabilizing home prices. 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, indicating the government's cautious stance on altering tax policies amidst ongoing discussions on housing market stability.