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Government, ‘Plan to Make Quoted Real Estate Prices Come True and Alleviate Property Tax Burden’
Apartment houses 2030, single-family homes 2035, land reached 90% in 2028
1Reduction of the home ownership tax rate, applied from 2021 to 2023
The government has confirmed a plan to bring the official price of real estate up to 90% of the market price.
In addition, the property tax rate for first-generation single-family homes with the official price of 600 million won or less will be reduced by 0.05% p for three years from next year.
On the 3rd, the government announced a plan to realize the set real estate price and ease the burden of the property tax.
The real estate public price realization rate increases approximately 3% p per year on average, and the realization target is reached in 5-10 years for apartments, 7-15 years for single-family homes, and 8 years for land.
The house construction rate is slightly different based on 900 million won.
For apartment houses with a market price of less than 900 million won, the average completion rate is 68.1%, and after securing balance with a target of 70% by 2023, it will reach the target of 90. % by 2030.
Single-family homes with a market price of less than 900 million won with an average completion rate of 52.4% will reach 90% by 2035 with a target of 55% by 2023.
For apartment houses with a market price of 900 million or more, the target is reached in 7 years for the price range of 9 to 1.5 billion won, and 1.5 billion or more for the high completion rate in 5 years. It has become a reality for 7 years.
○By property type‧Target period by price range[재고량(호, 필지)은 2020년 공시 기준]
|
division |
9Less than 100 million won |
9∼fifteen1 billion won |
fifteenOver 100 million won |
|
Apartment building |
10year 1,317Manho(95.2%) |
7year 43.7Manho(3.2%) |
5year 22.6Manho(1.6%) |
|
Exclusive(Standard)accommodation |
fifteenyear 20.7Manho(94.1%) |
10year 0.9Manho(4.0%) |
7year 0.4Manho(1.9%) |
|
land(Standard paper) |
8year / fiftySource |
||
○Average completion rate forecast by type per year(Unit:%)
|
division |
‘twenty |
twenty-one |
22 |
2. 3 |
’24 |
’25 |
’26 |
27 |
28 |
’29 |
’30 |
’31 |
32 |
33 |
‘3. 4 |
’35 |
|
Apartment building |
69.0 |
70.2 |
71.5 |
72.7 |
75.8 |
78.9 |
81.7 |
84.4 |
86.8 |
88.8 |
90.0 |
90.0 |
90.0 |
90.0 |
90.0 |
90.0 |
|
Exclusive(Standard)accommodation |
53.6 |
55.9 |
58.1 |
60.4 |
63.9 |
67.3 |
70.7 |
74.2 |
76.9 |
79.6 |
82.2 |
84.4 |
86.3 |
88.0 |
89.2 |
90.0 |
|
land(Standard paper) |
65.5 |
68.6 |
71.6 |
74.7 |
77.8 |
80.8 |
83.9 |
86.9 |
90.0 |
90.0 |
90.0 |
90.0 |
90.0 |
90.0 |
90.0 |
90.0 |
※ Table = Ministry of Lands, Infrastructure and Transport
Price-per-unit-area-disclosing land will be realized at approximately 3% p per year beginning in 2021, the same as for houses with a market price of 900 million won or more.
The government projected fluctuations in the public price in accordance with the realization of 3-4% per year for apartment houses, 3-7% for single-family houses and 3-4% for land. Houses with a market price of less than 900 million won are projected to increase 1 to 1.5% per year, and single-family homes of more than 900 million won will increase 4 to 7% per year.
The published price realization plan is applied from the calculation of the published price in 2021, and the Ministry of Lands, Infrastructure and Transport has formed an advisory body of the relevant ministries to verify the performance with the objective of the update rate each year and present it to the National Assembly, including the inspection results and results, in the published annual price report. Expected.
Along with this, the government decided to cut the property tax rate for houses with a public price of 600 million won or less held by single-family home owners starting next year to ease the burden of property tax. ownership over the owners of a single house.
It was decided that the target home would be less than 600 million won in public housing price, taking into account the purpose of reducing the tax burden due to ordinary people’s stable housing and the realization of the published house price.
With this tax rate cut, the public price of less than 100 million won is up to 30,000 won, less than 1 to 250 million won 3 to 75,000 won, less than 2.5 to 500 million won 75,000 to 150,000 won and less than 500 to 600 million won 15 to 18 10,000 won will be reduced.
The reduction rate is at least 50% and at least 22.2%, and homes with an official price of 100 million won or less can receive a reduction of 50%.
This reduction in the tax rate will apply for three years from 2021 to 2023, but will be reviewed later taking into account changes in the housing market and the effect of making the published price.
The reduced tax rate will apply from the imposition of the property tax next year and, to this end, the regular National Assembly will discuss the revision of the local tax law.
