Only 27.5% of Comprehensive Real Estate Tax Subjects Are Single-Homeowners

[Asia Economy Reporter Kwangho Lee] As of the 2018 tax year, the proportion of single-homeowners subject to comprehensive real estate tax was found to be only 27.5%.

According to data submitted by the National Tax Service to Kim Doo-kwan, a member of the National Assembly's Planning and Finance Committee from the Democratic Party of Korea, the number of people subject to comprehensive real estate tax in the 2018 tax year was 463,527, of which 127,369 were single-homeowners, accounting for 27.5% of the total.

By year, in 2008, the total number of people subject to comprehensive real estate tax was 412,543, with single-homeowners numbering 182,490, making up 44.2% of the total. Since then, the proportion has decreased, reaching its lowest at 19.3% in 2014, when the total was 252,042 and single-homeowners were 48,754.

The most recent figure for 2018, 27.5%, represents a 5.5 percentage point increase from the previous year’s 22% (total 397,066, single-homeowners 87,293).

Meanwhile, the proportion of people aged 60 and over among those subject to the comprehensive real estate tax rose from 33.6% in 2008 (total 412,543, aged 60+ 138,521) to 39.5% in 2012 (total 273,955, aged 60+ 108,291), and has remained in the 39% range through 2018.

Assemblyman Kim said, "With nearly 40% of those subject to the comprehensive real estate tax being aged 60 or older, detailed measures to reduce tax burdens such as tax deferral for single-homeowners aged 60 and above are necessary."

This content was produced with the assistance of AI translation services.