The South Korean government is looking to change the way it assesses the value of real estate so it can charge higher property taxes as a way of cooling down the housing market.
The Ministry of Land, Infrastructure and Transport unveiled the proposal Tuesday in a public hearing.
Under the plan, by 2030, the government would assess property at either 80, 90 or a hundred percent of its market value.
The current rates are 65-and-a-half percent for land and 69 percent for homes.
One of the three proposed rates will be finalized after taking into account opinions from the hearing.