Comprehensive real estate holding tax for high-priced apartments in Seoul, including Jamsil Lizenze, widens the difference between owner-occupied and non-owner-occupied homes

The comprehensive real estate tax on highpriced apartments in the Gangnam area, including Lotte Castle Jamsil in Songpagu, Seoul, has been found to vary greatly depending on whether the owner actually lives there, when the tax reform plan is applied. The Kyunghyang Shinmun reported that, based on the tax reform plan announced on the 3rd, it calculated the comprehensive real estate tax for representative apartments in Seoul and found that for owneroccupiers of one home in the Han River belt apartments in the 2 billion to 3 billion won range, the change in tax burden was not large, whereas for nonoccupying onehome owners, the comprehensive real estate tax could increase by three to four times. Lotte Castle Jamsil, with an officially assessed price of 2.388 billion won, was estimated at 2.13 million won for owneroccupancy and 7.47 million won for nonoccupancy. Ultrahighend complexes such as Acro River Park in Seochogu and Apgujeong Hyundai in Gangnamgu saw even larger increases in the comprehensive real estate tax. In particular, nonoccupying onehome owners may face a greater increase in tax burden due to the reduction in the basic deduction, and capital gains tax burdens are also expected to rise for highpriced apartments held for a long time.