“Do you want to buy a house only in your husband’s name?” … The law was finally revised due to public sentiment.

The “everyone’s tax cut plan” that a common name would be advantageous in the case of a home and a house began to shake due to two factors: skyrocketing house prices and the realization of prices published by the government. This is because there were some houses in Seoul with an official price above 900 million won, but not many houses that were above 1.2 billion won. For a single name, up to 900 million won were exempt from the tax burden, and for a joint name, up to 1.2 billion won did not have to pay the tax.

The problem, however, is that the situation has changed because the price of the house and the published price have skyrocketed. Based on the published price this year, assuming a 70-year-old couple owns a banpozai (84m2 for exclusive use) with an official price of 2 billion won in a 50-50 ratio, the property tax payable is of 8.8 million won. However, if the house where they live together is only in the husband’s name, the couple will deduct from 2 billion won to 900 million won and then pay a tax on the remaining 1.1 billion won. You will receive more deductions to divide, so you only have to pay 8.85 million won.

It is natural that houses with an official price of more than 1.2 billion won are no longer only in Gangnam 3-gu, but are expanding to Mapo, Yongsan, Seongdong-gu, etc. Some revised General Tax Law bills, initiated by Congressman Yoon Hee-sook, have penetrated the blind spots of said law. It is to provide senior tax credits and long-term possession tax credits, even under a joint name, for one home and one owner only.

The ruling party, which had been stubborn on real estate, accepted the opposition lawmaker’s bill in part because it took into account angry public sentiment ahead of the upcoming elections. It is interpreted that the ruling party also had a problem in the situation in which the tax burden is excessively increased because people who are in a situation in which there is no obvious income after retirement live in a single house. However, within Representative Yoon’s proposal, he clearly expressed his opposition to raising the tax standard for one homeowner per household from the current 900 million won to 1.2 billion won under the couple’s joint name.

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