This photo shows apartment buildings in Seoul, Nov. 26. Yonhap

The number of people subject to the comprehensive real estate tax has dropped more than 60 percent from two years ago, driven by the current administration's efforts to reduce the tax burden on homeowners, the finance ministry said Tuesday.

Since taking office in May 2022, President Yoon Suk Yeol has pledged to make the comprehensive real estate tax system more equitable.

He has criticized the real estate policies of the previous administration, arguing the former government had increased the tax burden on homeowners while driving up housing costs for prospective buyers and renters.

In 2024, approximately 460,000 homeowners are expected to receive bills for comprehensive real estate tax, a significant drop from 1.19 million in 2022, according to the ministry. The total amount of comprehensive real estate tax to be collected is estimated at 1.6 trillion won ($1.14 billion).

The ministry noted that between 2017 and 2022, the number of taxpayers subject to the comprehensive real estate tax quadrupled and the total tax collected increased eightfold.

The ministry attributed the surge to steep rises in property values, higher tax rates and punitive measures targeting multiple home owners.

"Compared with 2022, the number of taxpayers and the total tax amount have significantly decreased, demonstrating the ongoing impact of the administration's policy reforms," a ministry official said.

The comprehensive real estate tax is applied to individuals owning multiple homes with a combined state-assessed value exceeding 900 million won. For single home owners, the tax base starts at 1.2 billion won. (Yonhap)