Tax burdens on people who own more than one home will likely be eased as the main and opposition parties are reportedly nearing a deal to lower the threshold for imposing heavier tax rates on multi-homeowners. 
 
Yonhap News on Monday quoted officials from parliament and the government as saying that the rival parties have hashed out most of their differences on a revision to the real estate tax system.
 
Under the reported agreement, people who own two homes will be subject to tax rates of zero-point-six percent to three percent, the same rates imposed on single-homeowners, regardless of where their homes are located. 
 
The current tax system defines multi-homeowners as people who own three or more homes and holds them to higher tax rates. However, people who own two homes are still subject to higher tax rates of up to six percent, if one of their homes is located in a speculation area that is subject to adjustment. 
 
The rival parties are also reportedly pushing to ease tax burdens on those who own three or more homes, once the combined appraisal value of those homes is below one-point-two billion won. They would be subject to the same tax rates as single homeowners.