Apartment buildings along the Han River in Seoul. [Yonhap News]

The People Power Party criticized the Lee Jae-myung administration's real estate policies on the 19th, stating that the significant increase in officially assessed housing prices this year has subjected the public to a "tax nuclear bomb."

Jang Dong-hyuk, the party leader, began by saying at a supreme council meeting that day, "Officially assessed housing prices nationwide have increased by 9.16%, and in Seoul, they have risen by a staggering 18.67%." He added, "The increase in officially assessed prices is expected to significantly expand the number of people subject to the comprehensive real estate tax, and property taxes are predicted to surge by up to 50-60%."

Jang emphasized, "The government raised housing prices, yet the innocent public is bearing the brunt of the tax bomb. It's not just a tax bomb; it's on the verge of a tax nuclear bomb falling."

He continued, "At the very least, long-term resident homeowners who own only one property should not be forced out of their homes due to taxes. The People Power Party will block the tax nuclear bomb of the Lee Jae-myung regime and pursue correct tax system reforms to protect actual users of homes."

Song Eon-seok, the floor leader, linked the increase in officially assessed prices to the formulation of supplementary budgets, stating, "This is a shallow trick to increase the burden on the public and then try to win them over by distributing cash through consumption coupons."

Song elaborated, "There is strong suspicion that the government intends to 'pass supplementary budgets under the guise of elections,' using the war between the US and Iran as an excuse to formulate supplementary budgets and distribute cash, funded by the increase in officially assessed prices, using the public's hard-earned tax money."

He then announced, "We will pursue legal amendments to limit the rate of increase in officially assessed land prices to the range of actual transaction price increases, thereby reforming the system to prevent arbitrary increases in officially assessed prices by the government."

Choi Bo-yoon, the chief spokesperson, also fiercely criticized in a statement, saying, "The Lee Jae-myung administration claimed it would stabilize housing prices, but in the end, it has revealed its true colors as a 'real estate tax increase regime' that targets the pockets of the public."

Choi pointed out, "Just looking at the revenue from property taxes and comprehensive real estate taxes combined, an additional burden of over 1 trillion won is expected." He added, "Officially assessed prices are linked to a total of 67 administrative indicators, including health insurance premiums, eligibility for basic pensions, and various surcharges, going beyond tax standards. When officially assessed prices are artificially inflated, the structure is such that the public's health insurance premiums and various living surcharges will consequently rise."

He warned, "If the government ultimately presents only harsh tax bills to the public, the consequences will ultimately be met with severe public judgment."