As the government sharply raises the public housing price this year, the aftereffects of the ownership tax burden are not expected to stop this year. In fact, even if the published price of one’s house does not increase by even one won over the next three years, it has been found that the ownership tax will more than double.
On the 23rd, Maeil Economic Daily commissioned Shinhan Bank Real Estate Investment Advisory Center Manager Woo Byung-tak to fix the official price at the 2021 figure and analyze the holding tax trend over the past three years. For one household in Sejong’s First Village Complex 3 (with an exclusive area of 149m2), the official price this year has nearly doubled from 692 million won last year to 1.182 billion won. As a result, the ownership tax rose 1.5 times from 1.68 million won last year to 2.41 million won this year.
As a result of an analysis of the ownership tax change over the three years between 2022 and 2024, with the holding tax fixed at 1,1882 million won, the holding tax in 2022 is 3.46 million won, up by 1.05 million won from this year. In 2023 and 2024, the ownership tax also rises to 4.46 million won and 4.86 million won, respectively. Even if there is no change in the quoted price, the holding tax will double over the next three years.
A household in Busan Samik Beach (exclusive area of 98㎡) also showed a similar trend.
The published price of this household this year is 1.21 billion won. Compared to the previous year’s 650 million won, it increased 84.8%, and the ownership tax also increased from 1.33 million won last year to 1.9 million won this year. As a result of an analysis of the holding tax between 2022 and 2024 after assuming that there is no change in the published price, it is found that it is 2.71 million won in 2022, 3.78 million won in 2023, and 4.73 million won in 2024, which is more than twice as high as this year after three years. Even if house prices drop by 100 million won in the next year and the next year, the ownership tax is expected to increase.
According to the simulation, even if the public price of the household in Sejong First Village Complex 3 decreases by 100 million won to 1,082 million won, the ownership tax will increase to 3.39 million won next year.
Even if there is no change in the quoted price, the tax burden increases due to the’tax burden ceiling’. In order to mitigate the rapid increase in tax amount, the rate of increase is limited to less than a certain percentage (150%) of the previous year’s tax amount, and even if the disclosed price surges, the tax burden’cap’ is applied. However, even if it was limited to 150% this year, it will continue to increase because it will rise to 150% of the ownership tax this year’s increase next year.
The public price of a household (with a dedicated area of 114㎡) of Dogok Rexle in Gangnam-gu, Seoul this year was 2,513 million won. The ownership tax rose from 10.84 million won last year to 15.79 million won this year.
According to Woo, if Dogok Rexle’s household is not subject to a tax burden cap, the ownership tax will rise to the level of 24 million won. An official in the real estate industry who requested anonymity pointed out, “If you look at the recent trend of house price rises, the listed price will inevitably rise,” and pointed out, “Even if you are pressed by the upper limit, you will have to bear it someday, and if the listed price rises, the burden will increase.”
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