Even if a single homeowner temporarily becomes a second home owner by moving, or becomes a second home owner by owning an inherited house or a low-priced local house, the comprehensive real estate tax burden will be greatly reduced by maintaining the status of a single home owner.
At the 1st ‘Real Estate Ministerial Meeting’ held on the 21st, the government specified the requirements for excluding the number of houses for determining the number of single-family homeowners when calculating the property tax.
Even if it is excluded from the number of houses, the tax base is determined by adding the excluded house prices.
First, if the old house is sold within two years after acquiring a new house due to moving, etc., it is considered a single house owner, not a two house owner, during that period.
In the case of an inheritance house, if the published price is less than 600 million won (300 million won in non-metropolitan areas) or if the stake is less than 40%, the status of one homeowner is maintained regardless of the holding period.
Inherited houses that exceed the price or equity standards are not included in the number of houses for a maximum of five years, and if held beyond this period, it becomes a multi-family house.
Local low-priced housing, that is, housing in the metropolitan area, special cities, and outside metropolitan areas with a published price of 300 million won or less, is excluded from the number of housing units.
In these cases, the basic tax deduction of 1.4 billion won and the special deduction for the elderly and long-term possession will be maintained according to the exclusion of the number of houses.
Earlier, in the announcement of the ‘New Government’s Economic Policy Direction’ on the 16th, the government said, “The ratio of the fair market value of the property tax will be lowered to 60%, and the basic deduction for single homeowners will be added with a special deduction of 300 million won this year to the existing 1.1 billion won.” said.
The Ministry of Strategy and Finance took as an example the case of a 65-year-old single house owner who owns a house in an area subject to adjustment with a published price of KRW 1.5 billion and acquires a house worth KRW 1.5 billion in an area subject to adjustment for the purpose of moving.
The property tax, which was 150,000 won for a single homeowner before acquiring a new home, surged to 32.54 million won as a second home owner.
However, if the status of a single-homeowner is maintained due to the exclusion of the number of houses, the amount will be only 4.27 million won, which is a whopping 2,800 won less than that of a second-homeowner.
However, if the old house is not disposed of by the time two years have elapsed, interest will be collected on the reduced tax amount.
When the same person acquires a house in an area subject to adjustment worth 1 billion won by inheritance, there is also a big difference between the tax on the estate tax of 21.44 million won and 3 million won depending on whether the number of houses is excluded.
Even if you acquire a new home worth 100 million won in a local area and become a second-homeowner, you will have to pay 3.41 million won in the original tax.