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Almost doubled from 190,000 households three years ago
Increase in households subject to tax due to the increase in public prices
700,000 ~ 800,000 people notified about tax KRW 4 trillion charged
The Internal Revenue Service has initiated a comprehensive real estate tax notice. This year, the number of homes subject to the tax was 280,000, a sharp increase from 190,000 from three years ago.
This is a phenomenon that occurred when the government recently raised public prices and house prices rose nationwide. The realization of public prices is expected to continue and the tax burden is expected to increase as the increase in house prices does not diminish.
According to the government on the 24th, the National Tax Service will send the number of people notified of the tax tax and the amount of the tax by mail before that day. Taxpayers can check whether or not the tax is reported or the tax amount through the IRS Hometax or the KFTC’s Internet Jiro before receiving the invoice.
This year, the number of people notified of the tax and the amount has increased considerably compared to the previous year. According to the People’s Power Office, Bae Hyun-jin, 280,033 households are subject to the official price of 900 million won or more this year. In 2019, an increase of 7,7859 households (38.3%) from 203,174 households. In 2017, the first year of Moon Jae-in’s government inauguration, 88,560 houses were subject to tax.
The stipulated tax applies to those whose publicly advertised price exceeds 900 million won for a single house per household. Multiple homeowners pay 600 million won, and co-owners pay more than 1.2 billion won. Comprehensive combined land, such as bare land, must be paid in excess of 500 million won, and separate combined land, such as land attached to shopping malls and offices, must be paid in excess of 8 billion won. The tax rate is 0.5 ~ 3.2% depending on the number of houses and the standard taxable amount.
The tax rate remains the same, but the published price has increased significantly. The rate of increase in public housing prices this year was only 5.9% on average nationwide, but for high-priced houses with more than 3 billion won in Gangnam, Seocho, Songpa, Mapo, Yongsan and Seongdong-gu, increased nearly 30%. The fair market price ratio, which calculates the standard tax base by multiplying the published price, also increased between 5% and 90% compared to last year.
According to Shinhan Bank Real Estate Investment Advisory Center simulation, the tax amount for 84㎡ holders of Acro River Park in Seocho-gu, Seoul will increase from 2.82 million won to 4.94 million won in 2019 , and the 114-square-meter Raemian Daechi Palace in Gangnam-gu will go from 420,000 won to 6.94 million won.
The number of apartments exceeding 900 million won, which is the standard for paying the tax, is also increasing. The number of houses subject to the duty tax in Seodaemun-gu, which was just 37 in 2017, has risen to 1,273 this year. Gangdong-gu increased from 36 to 2,035 households and Dongjak-gu from 18 to 3,044.
The government predicts that the number of people notified about the final tax will reach between 700,000 and 800,000 this year, and the total amount of the tax will exceed 4 trillion won. This phenomenon is expected to continue for the time being. This is because the government plans to increase the public price of real estate to 90% of the market price by 2030.
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