The government and political parties reached an agreement Monday to readjust the proposed rules for real-estate tax breaks aimed at boosting the lackluster property market.
The government has proposed that transaction tax for houses worth up to 900 million won ($799,000) and up to 85 square meters be exempted for five years.
In a three-way meeting, representatives of the Finance Ministry, the ruling Saenuri Party and the opposition Democratic United Party agreed to lower the threshold to 600 million won and remove the size limit, party officials said.
