[LETTERS TO THE EDITOR]High land taxes are unfair

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[LETTERS TO THE EDITOR]High land taxes are unfair

I am a Seoul resident, living in Bangbae-dong, southern Seoul.
When I received my land tax bill recently, I noticed that my tax on my residence has risen sharply. Also I heard that land taxes on Seocho-gu, a district near my house, had risen up to 50 percent.
A land tax increase must be one of government’s hard-line measures to restrict speculative buyers of apartment buildings and property. But because of the measure, real estate business has slumped and only the existing house owners ended up paying more money.
The government’s measures to stop speculation are not working. Speculative investors have already sidestepped the crackdown that seems to be useless.
It is only those who bought the homes for ourselves and our families who are being hit hard by the new land tax policy. I have been living in a house that I purchased 30 years ago. And I wonder why I have to pay more tax because of speculative investors whom the government has failed to catch.
I fully understand the government’s idea of holding down the price of real estate. And I believe that speculative investments must be controlled. But such hard-line measures are inflicting damages upon some residents, like myself, who have been abiding by the law.

by Park Eui-deuk
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