The National Assembly on Thursday passed a bill temporarily reducing taxes on purchases and transfers of homes in a move to boost the slumping housing market.

The revision comes after the government announced measures earlier in the year aimed at reviving the real estate market that included halving acquisition taxes and scrapping transfer taxes.

Under the revised bill, the tax rate on purchases of homes worth less than 900 million won ($806,090) would drop from 2 percent to 1 percent if they are bought by the end of this year. The rate for homes worth between 900 million and 1.2 billion won would be marked down from 4 percent to 2 percent, while rates will be adjusted from 4 percent to 3 percent for homes valued at more than 1.2 billion won.

The revision also allows house buyers to later transfer their property without paying taxes if they buy an unsold house worth less than 900 million won within the year.

In addition, lawmakers changed the existing public official election act to make it easier for Korean nationals living overseas to vote in the upcoming Dec. 19 presidential race.

Under the new rules, expatriates will be allowed to register as a voter via email or through a family member, instead of having to visit a South Korean diplomatic mission in person.

Parliament, moreover, said it will move forward the start time for absentee ballots from the current 10 a.m. to 6 a.m. so people who have to go to work early can have a chance to cast their votes. (Yonhap News)