Non-Resident Single-Homeowners Face 4.29 Million Won Tax Hike

Contributing sentiments towards policy:

61% : However, if the government's proposed tax reform plan for next year, submitted to the National Assembly, is finalized and implemented, the tax will increase to 12.038 million Korean won -- an increase of 4.291 million Korean won from this year.
58% : The comprehensive real estate tax for an apartment with a publicly announced price of 1.5 billion Korean won (approximately 2.2 billion Korean won in market value) is expected to rise from 691,000 Korean won this year to 806,000 Korean won next year.
57% : For an apartment with a publicly announced price of 2 billion Korean won (approximately 2.9 billion Korean won in market value), the tax will increase from 2.275 million Korean won this year to 2.774 million Korean won next year.
53% : According to data submitted by the Ministry of Finance and Economy to the National Assembly on September 15, the comprehensive real estate tax for a single-homeowner who does not reside in an apartment with a publicly announced price of 3 billion Korean won (approximately 4.3 billion Korean won in market value) is currently 7.747 million Korean won.
50% : The actual tax burden may vary depending on factors such as property value, age, and duration of ownership or residence.
47% : The tax burden is 3.327 million Korean won lower than the original proposal, which aimed to reduce the basic deduction for non-resident single-homeowners from 1.2 billion Korean won to 900 million Korean won.
46% : These figures are estimated before applying tax credits and the tax burden cap (150%), assuming the homeowner is under 60 years old.
45% : This has drawn criticism that while creating a system to increase the tax burden on non-resident single-homeowners, he himself bought and sold the apartment for investment rather than residential purposes.
34% : Government's Tax Reform Plan to Raise Burden for Non-Resident Owners Amid Criticism Over Deputy PM's Property Deal A non-resident single-homeowner with an apartment valued at 3 billion Korean won in publicly announced price is expected to pay 4.29 million Korean won more in comprehensive real estate tax next year compared to this year.

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