Reviewing comprehensive real estate tax at multi-home levels for non-resident single-home owners of ultra-high-value homes
Comprehensive real estate tax on ultra-high-value homes: the burden on non-resident single-home owners is increasing If you own a home with an officially assessed price exceeding 3 billion won, check the tax changes and tax-saving points
The government is considering a plan to apply comprehensive real estate tax equivalent to that imposed on multihomeowners to singlehomeowners who own ultrahighend homes with officially assessed prices exceeding 3 billion won but do not actually live in them.
Currently, the basic deduction for comprehensive real estate tax for singlehomeowners is 1.2 billion won, but a plan is also being discussed to lower it to 900 million won only for nonresident singlehomeowners. If this happens, the tax base will increase, which could raise the tax burden.
The government is looking into reducing tax benefits for ultrahighend homes, while also considering setting a cap on the deduction amount for the longterm holding special deduction in capital gains tax. A plan to raise the fair market value ratio to increase the holding tax burden on multihomeowners is also being raised.