A sigh of’blind mother’… Mok-dong, Sanggye-dong, small apartments, soared

“When the comprehensive real estate tax bill starts flying next year, many parents’ complaint calls will be made to the Ministry of Land, Infrastructure and Transport.” (A real estate agent operating in Mok-dong)

As the government has unprecedentedly raised the public price for the past four years, parents who have moved into small equilibriums in search of so-called’school districts’ where good schools and academies such as Gangnam, Mok-dong, and Sanggye-dong are concentrated are growing.

1 In particular, the government has been criticized for exposing the common people to tax bombs as it does not even adjust the fair market price ratio as a device to reduce the tax burden when the public price is raised. It is pointed out that the purpose of the “wealth tax” is unclear as the jongbu tax, which was for the wealthy, extends to the middle class of one household and one house.

On the 26th, Maeil Economics asked Lim Seong-hwan, head of the ABL WM Center, to simulate the holding tax. If the publicly announced price increase continues as this year, Yangcheon-gu, Mokdong New Town Complex 8 apartment exclusive area 55 m2 (exclusive 16 pyeong) The ownership tax burden will triple in 3 years It turns out to run.

This year, the public announcement did not exceed 900 million won, thus avoiding the taxation tax, but next year there are many places to pay the tax. The published equilibrium price of Mokdong 8 Complex was 651 million won last year, but this year, the rate of increase was 22.3% to 796 million won. As such, assuming a 20% annual increase in publicly announced prices from 2022 to 2025 (1 house per person, 59 years of age, less than 5 years of ownership, local education tax and special agricultural tax included), the tax will be paid from next year. The ownership tax jumps more than three times from 2.12 million won this year to 4.32 million won in 2023, and 6.65 million won in 2024. This is because the ending tax is subject to a progressive system, and even a slight increase in the publicly announced price is greatly affected. This year, the average rate of increase in the publicly listed apartment prices in Seoul is 19.91%.

This is the same in the small equilibrium in Sanggye-dong, Nowon-gu, which is considered a school district in the northeastern region. The public announcement price of 79m2 (23 pyeong for exclusive use) for the Sanggye Jugong 7 complex rose 46.38% from the previous year to 770 million won this year from 483 million won last year.

Even if we assume that the rate of increase in the equilibrium disclosure price is 20%, which is lower than this year, the ownership tax burden will almost three times increase after three years. From 2023, it is included in the final tax, but the burden on the holding tax increases steadily, increasing from 1.37 million won this year to 3.38 million won in 2023, 2.5 times, 5,500,000 won in 2024, and 753 million won in 2025.

Songpa-gu, a school district in the southeastern region, is no exception. The 85㎡ dedicated to Songpamunjeongraemian in Munjeong-dong was subject to taxation as the official price increased 36.45% this year, exceeding the official price of 1 billion won. For the apartment, if the publicly announced price increase rate is set as low as 20% per year, the tax will be 280,000 won this year, but the burden will increase by more than four times as it has to pay 1.17 million won next year.

The tax burden is expected to increase as the fair market price ratio, which is used as the basis for calculating the taxation tax, is expected to rise next year following this year. The fair market price ratio is the quoted price ratio applied when determining the tax base. The rate applied to the final tax this year is 95%, up 5 percentage points from the previous year, and plans to apply 100% next year. Compared to the fact that the fair market price ratio applied to property tax is 60%, the tax burden is considerable.

The government argues that the tax is a problem for multi-homed people and that there is no problem for one-homed. According to the Ministry of Land, Infrastructure and Transport, multi-homeowners pay 82% (1,496 trillion won) of the total unpaid tax amount (1,814.8 billion won). However, as the backlash grew, even the Democratic Party Mayor Park Young-seon and the Democratic Party Mayor of Seoul began to demand a cut in the public announcement price. Candidate Park said on the day, “We need to prepare an adjustment system so that the public announcement price increase rate for apartments with less than 900 million won in Seoul does not exceed 10%.”

Experts order that the old standards of taxation should be revised. Professor Shim Gyo-eon of Konkuk University’s Department of Real Estate said, “The standard of 900 million won was introduced at the time to limit 5% of ultra-high-priced homes. It is necessary to amend the law so that the taxation tax can be removed or the amount standard can be reorganized every 5 years.” And said.

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