Real estate and tax experts emphasized that the comprehensive real estate tax for some multi-homed people with multiple high-end homes will see a larger increase than last year, while the publicly announced prices for apartments and villas have soared 19%.
However, it was also pointed out that the press releases titled’Vertical Tax Bomb’ and’Shock’, which can cause confusion to one-homeowners, are different from the facts.
In an interview with TBS’Kim Eo-jun’s News Factory’, tax accountant Won Jong-hoon, head of KB Kookmin Bank’s WM investment advisory, said, “People whose public price is less than 600 million won have lowered their own property tax rate.” For homeowners with less than 600 million won, which is equivalent to about 600 million won, the property tax will be reduced.”
He added, “Assuming that the official price is 1.2 billion, the market price will be over 1.7 billion. In this case, the landlord is over 60 years old, but if you have it for more than 10 years, the tax will be 490,000 won” .
Director Won said, “If the name of 490,000 won is single, and if it is a joint name, the tax is not paid at all.” In fact, in the case of a single house, the tax is not burdensome unless it is a common house.
However, he said, “Even if the official price is equal to 1.2 billion, if you have two 600 million units, the tax is 83.2 million won.” .
In other words, it was interpreted that the government’s message to sell houses to multi-homed people is the only thing for multi-homed people to be bombed by the official price.
“Because the base date for determining the amount of property tax and tax tax is June 1, it is better to sell it before June 1 in the case of multi-homed people.” Added.
The following is the full text of the interview.
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◎ Part 2
[인터뷰 제3공장] -Phone interview
Disclosure price rises, mass production of tax bombs?
“The tax for multi-homeowners rises.. Not applicable to one-homed”
-Won Jong-hoon, Tax Accountant (KB Kookmin Bank WM Investment Advisory Manager)
▶ Kim Eo-jun: As the publicly announced price rose by an average of 19.08% compared to last year, many articles about tax bombs came out. Now, let’s do a fact check, with a tax expert. Jong-Hoon Won, Head of WM Investment Advisory Division, KB Kookmin Bank Connected to the phone. Hello, manager.
▷ Won Jong-hoon: Yes, hello. nice to meet you.
▶ Kim Eo-jun: Yes. You have a very good title.
▷ Won Jong-hoon: Yes.
▶ Kim Eo-jun: Director of WM Investment Advisory Board. Now, since this is not an expert now, if there are too many numbers reported and many numbers come out, it will not be easy to understand now. In the end, what is the conclusion, it is a tax bomb, no, it is like this. And now it’s clearly distinct, now. First.
▷ Won Jong-hoon: It’s clearly distinct. In fact, people who own a single house basically do not have the tax burden, and in reality, the tax is not paid by anyone. Firstly,
▶ Kim Eo-jun: Right. The house has to be a little bigger to pay the tax.
▷ Won Jong-hoon: The house should be big, and the size should be a little big. The property tax is paid primarily, and the tax is levied only on those who own a house in excess of a certain size. Those who have only one house actually have a very small burden on the tax. The reason is that this standard amount itself must exceed 900 million won, but if you have only two houses, you can deduct up to 80% of the tax depending on the period of holding and age, so it is a little embarrassing to say that it is a bomb. The tax is low enough.
▶ Kim Eo-Joon: The Ministry of Land, Infrastructure and Transport says that those with a single house will have lower property taxes. Is that correct?
▷ Won Jong-hoon: Yes, that’s right. Actually, it is true that the quoted price has risen right now. There is also a reason why the house price has risen, but in fact, it can be considered as a process of realizing this quoted price, which has been formed too low. In the process, those who have only one house and whose quoted price is less than 600 million won will be charged the tax rate on the property tax itself. I lowered it a bit. So, even if the public price rises, most of the Korean people and houses with less than 600 million won go into this. In fact, it can be said that there is a greater possibility that the property tax will decrease.
▶ Kim Eo-Jun: What percentage of the total number of owners of one house with an official price of 600 million won or less?
▷ Won Jong-hoon: Well. I am not the person who analyzes the data anymore, but I think that more than 90% of the people in our country are clearly that much.
▶ Kim Eo-Joon: I see. Okay. Then, for one house, the official price is over 600 million won. So, for example, the official price is about 1 billion, 1.1 billion, and 1.2 billion won by adding or subtracting those who have a larger house. For example. What about them? It’s one house.
▷ Won Jong-hoon: Assuming that it is one house, let’s assume that the official price is about 1.2 billion. Even if the official price is about 1.2 billion, the market price may exceed about 1.7 billion. Assuming that these people are over 60 years old and have held it for more than 10 years, the tax is about 490,000 won.
▶ Kim Eo-jun: Is it all that is good?
▷ Won Jong-hoon: The only thing that is interesting and interesting is that when you own this house in a single name, it costs about 490,000 won, but if you have this house under a joint name, the tax will not come out at all.
▶ Kim Eo-Joon: So, in the case of a single house, in fact, with most of the houses, it was a big problem due to the tax tax.
▷ Won Jong-hoon: So, it’s true that it’s a bit cautious to say that it’s close to homicide, but it’s not burdensome. Assuming you have,
▶ Kim Eo-jun: Two. From here on, the burden is growing.
▷ Won Jong-hoon: It will be different. Obviously, in terms of the published price, the total is 1.2 billion, so it can be considered the same, isn’t it? By the way, when you have two 600 million dollars, the tax is about 8.32 million won. It was 490,000 won before.
▶ Kim Eo-Joon: So, if the official price of 1.2 billion is less than 500,000 won, will it be 800 or 900 if it becomes two 600 million?
▷ Won Jong-hoon: Yes. It costs about 8.32 million won.
▶ Kim Eo-jun: There is a big difference, starting with the two.
▷ Won Jong-hoon: Yes, it is.
▶ Kim Eo-jun: For example, what if there are three or more?
▷ Jong-Hoon Won: If the number of houses is more than three, the quoted price increases, so the price increases. Basically, when you have two units in the area to be adjusted, or if you have three or more units nationally, the tax rate will increase by about twice as much. And there is another thing called our detailed tax limit. There are safeguards such as this to prevent exceeding a certain amount of taxes paid in the previous year, and generally the safeguard is 1.5. So, if you paid 1 million won last year, there is a safety device to prevent it from exceeding the maximum of 1.5 million won. Therefore, it is true that the tax burden on multi-homed people increases.
▶ Kim Eo-jun: That’s true. Now, then, the message the government is giving out is a signal to sell houses to multi-homed people, right?
▷ Won Jong-hoon: It must be said that it is. As we saw before, if the same quoted price standard is used, this tax is actually very high, isn’t it?
▶ Kim Eo-jun: It is more than 10 times.
▷ Won Jong-hoon: Yes. Well, if you look at it like this, it’s a situation like this that might come out close to 20 times, but in fact, it’s true that it’s good to have a smart one now, which is also true for financial purposes.
▶ Kim Eo-jun: Then, before June 1, why is it so good to sell multi-homed people?
▷ Won Jong-hoon: This is very important. June 1 is a very important day. Because the property tax and property tax standards are only seen for one day on June 1. So, as of June 1st, you are required to pay both property tax and tax tax for one year to the person who owns the house. So this is the structure of all or nothing, and the transfer tax is also very important.
▶ Kim Eo-jun: Right. Transfer tax.
▷ Won Jong-hoon: The transfer tax. Because from June 1st, the capital gains tax on multi-homed people is still heavier, but it gets heavier. So, if you want to avoid the ending tax at least a little and reduce the burden of the transfer tax even a little, it is better to sell it by May 31, but this is a very meaningful day on June 1.
▶ Kim Eo-jun: That’s right.
▷ Won Jong-hoon: Personally, this is also my birthday, so it’s an important day.
▶ Kim Eo-jun: Manager, I think you must come to our studio once.
▷ Won Jong-hoon: Yes.
▶ Kim Eo-Joon: So, the overall message of this public announcement is that if the homeowner does not live again within the first half of this year, selling it quickly is a property gain.
▷ Won Jong-hoon: Yes. Well, it seems to me that it is definitely correct for financial purposes as well.
▶ Kim Eo-joon: That will save money, if you calculate it for sure.
▷ Won Jong-hoon: Yes. However, there will be some areas where the transfer tax burden is clearly large. Therefore, in order to reduce the burden of transfer tax for multi-homeowners anyway, in fact, if they have multiple houses, the tax may vary depending on the order of sale of the houses, so it is necessary to consult with a tax expert.
▶ Kim Eo-jun: I see. Since you are an expert, I will ask you something like this. Now, the way it is reported in the media is that I have lived hard my whole life, have a house, and have lived here for several decades now. . However, if you are not a tax expert, you live for 30 years and have a house. What if the tax comes out like that? Is this true?
▷ Won Jong-hoon: First of all, the word bomb itself is not really a favorite word from a taxpayer’s point of view, actually. It has been interpreted like this like a bomb squad. However, it is not burdensome. Assuming that you have only one house, I mentioned earlier, but even if the quoted price is quite high assuming one house, as mentioned earlier, if you have this house for such a long time and have a certain age, the maximum amount of tax paid is the total tax. Since you can deduct up to 80% of the tax, I think the tax burden is not very large.
▶ Kim Eo-Joon: Then, at the official price of 1.2 billion, which was mentioned earlier, the actual market price of about 1.7 billion is about 500,000 won.
▷ Won Jong-hoon: No. This is, in fact, assuming that a 60-year-old is over 10 years old, so it is a situation where the exemption has been reduced to some extent.
▶ Kim Eo-jun: It was reflected.
▷ Won Jong-hoon: Yes.
▶ Kim Eo-joon: But now, in the case of a joint name, I don’t say it at all. Does this also apply to the case of a joint name?
▷ Jong-Hoon Won: When we now have a family tax, if we make a joint name for a couple, the tax is calculated separately. Since each is calculated on a basis of 600 million, it means that if it is 1.2 billion, there will be no tax, and if it exceeds 1.2 billion, there may be some tax even if it is jointly named, but now there is an additional joint name option. So, the options are given to each person to calculate the tax, or to receive the tax credit based on one person, so there are more options, starting this year.
▶ Kim Eo-Joon: So, when the couple simply has a house after retirement, of course, some people think that 500,000 won is a bomb. No, and in that case it could be better if it were a joint name, from a tax point of view.
▷ Won Jong-hoon: It may be. That’s right.
▶ Kim Eo-joon: Old couples also have a message to do it under a joint name.
▷ Won Jong-hoon: Yes.
▶ Kim Eo-Joon: You said that you don’t like the word of this tax bomb as a whole, but among those multi-homed people or multi-homed people who don’t live in real life, those who have items that could be subject to tax payments can be considered as bombs.
▷ Won Jong-hoon: You can also accept that. It’s also very burdensome. For multi-homed people, this tax burden can come under considerable pressure.
▶ Kim Eo-Joon: For those of you, this is something that the manager should pay for and consult with, but what should those people do?
▷ Won Jong-hoon: First, I don’t get any money. Now that I am part of an organization, I am not in a position to receive money and consult, but first of all, I will have to have a strategy to reduce housing.
▶ Kim Eo-jun: It should be reduced.
▷ Won Jong-Hoon: So, depending on whether you are going to sell or if you need a house if your child is getting married anyway, you will pay the gift tax by giving a gift, and if you are going to sell or donate, depending on how you decide the order of the house to start with. The difference in taxes is large, so you need to make a strategic judgment. so,
▶ Kim Eo-jun: From there, you need expert consulting.
▷ Won Jong-hoon: Yes.
▶ Kim Eo-joon: Manager, I’m doing this for today. See you in the studio soon. Thank you.
▷ Won Jong-hoon: Yes, thank you.
▶ Kim Eo-jun: Congratulations on your birthday in advance.
▷ Won Jong-hoon: Thank you.
▶ Kim Eo-joon: Won Jong-hoon was the head of the WM Investment Advisory Department at KB Kookmin Bank.
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