Government begins review of property tax easing… One homeowner over the age of 60 likely to defer tax

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The government has begun to seriously consider measures to lower the burden of ownership tax on first-generation, one-homeowners.

In March of next year, in line with the announcement of the publicly announced price of apartment houses and other apartments, the company plans to release a proposal to ease the ownership tax.

According to the Ministry of Strategy and Finance, the government is reviewing measures previously prepared to ease the tax burden on single-family homes, such as the deferment of comprehensive real estate tax payment for the elderly and the introduction of long-term residence tax credits.

This measure was announced as a government proposal in May when the Democratic Party of Korea was discussing a plan to revise the tax base to the top 2%. discarded in the process.

Among them, the deferment of payment for the elderly is a plan to defer the payment of property tax until a person aged 60 or older who is a single householder with an aggregate income of 30 million won or less in the previous year sells or inherits or donates a house.

With the purpose of lowering the tax burden as much as possible for single-home retirees with little or no income, it is highly likely that this will be included in the property tax relief plan as the party government has already reached some consensus on this.

Deputy Prime Minister and Minister of Strategy and Finance Hong Nam-ki announced on Facebook on the 23rd, “We will review the introduction of a system to defer tax payment for the elderly as one of the measures to alleviate the burden of ownership tax on first-generation, one-homeowners.”

It is observed that the deferral of payment for the elderly is highly likely to be a permanent measure rather than the temporary measure mentioned by the ruling party.

A tax industry official said, “It is not systematically correct to defer taxation for those who turn 60 in a specific year and exclude those who turn 60 the following year. pointed out.

As for the long-term residence tax credit mentioned together, an additional 10% tax credit is applied if one householder has lived in a house owned by one homeowner for more than 10 years. This is what is kept as .

As this is a system that matches the purpose of the policy to alleviate the burden of single-family dwellers, the government is again in the position to review the long-term residence tax credit as one of the measures to alleviate the ownership tax.

However, it is known that additional review is still needed in terms of specific design as well as whether the system will be introduced.

There is also talk of freezing next year’s ownership tax for first-generation, one-homeowners at this year’s level.

As a specific measure, an adjustment to the upper limit of the holding tax burden is on the agenda.

Under the current system, the upper limit of property tax is not to exceed 105 to 130% of the previous year’s tax amount, and 150% (based on one homeowner) of the previous year for the combined property tax and property tax. It can prevent the burden from growing too rapidly.

The government is said to be considering a plan to freeze the property tax altogether by limiting the upper limit to 100%.

In addition, we decided to look into ways to apply this year’s published price when calculating next year’s house ownership tax.

Since property tax and property tax, such as property tax, are levied according to the published price, applying this year’s published price next year will also have the effect of freezing the property tax.

However, the government is struggling as some have pointed out that if the tax burden for next year is temporarily frozen, the burden may increase in the year to come.

Reference-news.sbs.co.kr

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