SEOUL, March 22 (Reuters) - South Korea has sharply
lowered official reference housing prices for this year, which
will result in a large fall in taxes for homeowners, as the
government has been trying to support slumping prices in the
property sector.
Finance Minister Choo Kyung-ho said at the beginning of a
meeting on Wednesday reference prices on average have been
adjusted downward by 18.6% from last year, adding that it was
the fastest drop since the system was introduced in 2005.
The ministry will release more details about the effects on
homeowners' taxes later in the day.
(Reporting by Choonsik Yoo; Editing by Jacqueline Wong)
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