Even if a single householder owns an additional low-priced inherited house or a local house, the benefits of one householder in the comprehensive real estate tax will be maintained.
Even if you buy a new house for the purpose of moving, etc., if you sell your old house within two years, you will be subject to tax as a single owner of the house.
The adjustment plan for some of the regulated areas, such as the speculative overheated district and the area subject to adjustment, will be finalized by the end of this month.
The government held the first real estate-related ministerial meeting today (21st) at the government complex in Seoul, chaired by Deputy Prime Minister and Minister of Strategy and Finance Choo Kyung-ho and confirmed the real estate normalization task for the third quarter.
The government included in the tax normalization task for the third quarter the requirement to exclude the number of houses when determining the number of one-family homeowners in the taxation tax on temporary two-family houses, inherited houses, and local low-priced houses.
This means that the revision of the tax law will be finalized in the third quarter and will be applied from this year's tax notice.
The current property tax law is designed to give benefits to single-family homeowners and a strong disadvantage to multi-family homeowners.
In this regard, we decided to continue the benefits given to first-generation, first-homeowners to those who inevitably became second-homeowners.
Of course, the tax base is taxed together.
Temporary two houses are defined as cases where the old house is transferred within two years of acquiring a new house due to moving, etc.
Even if you become a second-homeowner because of moving, if you sell your old house within two years, you are eligible to become a first-generation, single-family homeowner.
Inherited houses are deducted from the number of houses without a period limit if the published price is less than 600 million won in the metropolitan area (300 million won in non-metropolitan areas) or 40% or less of the equity requirement.
If a single householder owns an additional house with a publicly announced price of 300 million won or less in an area other than the metropolitan area, special city, or metropolitan city, it will be considered as a single household.
At a briefing today, 1st Vice Minister of Strategy and Finance Bang Ki-seon said, "In the case of a new construction of a temporary residential building for the purpose of using a weekend farm, the tax burden will not increase excessively as the benefit of one householder has ended, even though it is not related to the purpose of speculation and it is difficult to dispose of it due to the nature of the location. Let’s not do it,” he explained.
The government decided to finalize the government's plan for fundamental tax reform through the tax law revision in July, including a tax rate cut to reduce the ownership tax burden to an appropriate level.
Enlarging an image
Acquisition tax reduction benefits are extended to first-time home buyers.
This is a method that exempts anyone from acquisition tax up to 2 million won without any restrictions on annual income or house price.
The government expects that the number of households benefiting from acquisition tax reductions will more than double from 123,000 to 256,000 per year.
We decided to review the appropriateness of the announced price realization plan, such as the realization rate and target achievement period.
In the event of an economic crisis or a surge in real estate prices, we decided to create a new flexible adjustment mechanism.
For the 40-year Bogeumjari loan for young people and newlyweds, it was decided to introduce a multi-repayment method.
This is a measure that reduces the burden of initial repayment of loans for young people and newlyweds by applying this method, which is only available for 10, 15, 20, and 30 year maturity, to 40 year maturity.
A progressive repayment is a small initial repayment amount that gradually increases over time.
The housing requirement for preferential housing pension, which provides up to 20% more monthly payment, has been eased from the existing market price of 150 million won to 200 million won.
Enlarging an image
Enlarging an image
On the supply side, we decided to finalize the review of some of the regulated areas by the end of this month.
Considering the housing market situation and the impact on the overall market, it is the completion of the review of whether or not to release some such as overheated speculation districts and areas subject to adjustment.
A roadmap for supplying more than 2.5 million units by year and region will be prepared within 100 days of the inauguration of the government.
We also decided to create a youth housing support package tailored to the life cycle to support youth asset formation and middle-class growth.
(Photo = provided by the Ministry of Strategy and Finance, Yonhap News)