Rep. Lee Jun-seok, a presidential contender from the minor conservative New Reform Party, vowed Thursday to cut property-related taxes in line with homebuyers’ life stages, aiming to better reflect changing housing needs over time.

Under his proposal, newlywed couples would pay a reduced acquisition tax when purchasing a 59-square-meter home -- the typically preferred size for those starting a family -- or smaller. If they later move to a larger home due to the birth of a child, capital gains tax on the sale of the first home would be waived, up to 2 billion won ($1.4 million).

For homeowners aged over 65, Lee proposed lowering capital gains tax on the sale of a home if they have owned the property for a longer period of time.