The National Assembly approved bills Tuesday to permanently lower the residential property acquisition tax, which is designed to boost the property market.

Under the change approved on the final day of the 100-day regular session, the acquisition tax for properties worth less than 600 million won ($570,000) will be lowered to 1 percent, while that on properties worth between 600 million and 900 million won will be cut to 2 percent. The changed rates will apply to transactions that took place on or after Aug. 28.

Prior to the change, the acquisition tax for properties under 900 million won for those owning only one property was 2 percent. A rate of 4 percent was levied on homes worth more than 900 million won and on the purchase of additional properties.

The tax rate for properties costing more than 900 million has been cut to 3 percent from 4 percent.

Along with the tax modification, the parliament processed 36 other motions including the Housing Act revision, which will allow more floors to be added to existing buildings.

Other motions approved include those designed to improve the traceability of cattle, beef and other livestock products and make used car trading more transparent.

By Choi He-suk (cheesuk@heraldcorp.com)