The government will significantly raise taxes on high-value homes not occupied by their owners by scaling back tax benefits for such properties, in what it calls a bid to promote greater fairness based on ownership and residency status, the finance ministry said Monday. The move is part of President Lee Jae Myung’s efforts to normalize the housing market, stabilize home prices and support "genuine" homebuyers. The government also plans to overhaul the tax system with a focus on fostering new growth engines, promoting balanced regional development and supporting low- and middle-income households. Those measures are part of the 2026 tax overhaul prepared by the Ministry of Finance and Economy. The key focus of the reform is to strengthen taxation on high-value and non-owner-occupied homes. The government plans to overhaul the capital gains tax and comprehensive real estate tax systems to ease the burden on genuine homebuyers while effectively increasing the tax burden on owners of homes they do not occupy and multiple-home owners. Under the plan, the government will overhaul the long-term