Non-Resident Homeowners to See 4.2M Won Tax Increase on 3B Won Properties

Contributing sentiments towards policy:

59% : However, if the government's proposed tax reform plan submitted to the National Assembly is finalized and implemented, the tax would rise to 12.038 million Korean won next year -- an increase of 4.291 million Korean won from this year.
56% : Based on the original proposal announced on August 3, the calculated tax for next year would have been 15.365 million Korean won.
56% : For a property with a publicly announced price of 2 billion Korean won (market value of approximately 2.9 billion Korean won), the tax is projected to rise from 2.275 million Korean won this year to 2.774 million Korean won next year.
55% : These tax amounts are estimated for owners under the age of 60, before applying tax credits and the tax burden cap (150%).
54% : According to the ministry, if the current system remains unchanged, the tax amount for a non-resident single-household owner with a publicly announced price of 3 billion Korean won (market value of approximately 4.3 billion Korean won) would be 7.744 million Korean won.
54% : For a property with a publicly announced price of 1.5 billion Korean won (market value of approximately 2.2 billion Korean won), the tax is expected to increase from 691,000 Korean won to 806,000 Korean won.
52% : The Ministry of Finance and Economy noted that the actual tax burden may vary depending on factors such as property value, age, and duration of ownership or residence.
50% : Government's tax reform proposal raises comprehensive real estate tax for non-resident owners, revised to maintain basic deduction after public feedback The government has observed that the comprehensive real estate tax for non-resident single-household owners of an apartment with a publicly announced price of 3 billion Korean won (market value of approximately 4.3 billion Korean won) is expected to increase by around 4.2 million Korean won next year compared to this year.
49% : However, after revising the plan to maintain the basic deduction for non-resident single-household owners at the current 1.2 billion Korean won instead of lowering it to 900 million Korean won, the calculated tax amount decreased by 3.327 million Korean won.
45% : When asked whether the principle of imposing tax disadvantages on non-resident homeowners could be applied to the nominee's redeveloped Gwacheon apartment, the ministry responded, "According to the government proposal submitted to the National Assembly, it is deemed difficult to recognize the non-resident period as a resident period."

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