More than 1 Million Subject to Comprehensive Real Estate Tax... Increase in Tax Amount and Number of People for Land as Well as Housing

National Tax Service Announces 2021 Land Portion Comprehensive Real Estate Tax Notification Status

[Image source=Yonhap News]

[Sejong=Asia Economy Reporter Kim Hyunjung] The number of taxpayers required to pay comprehensive real estate tax due to owning high-priced houses or land has exceeded 1 million for the first time in history.

According to the "2021 Comprehensive Real Estate Tax Notification Status by Province for Land" announced by the National Tax Service on the 24th, the number of taxpayers notified for the comprehensive combined land (vacant land, non-business land, etc.) portion of the comprehensive real estate tax this year was 95,800, and the number of taxpayers notified for the separately combined land (land attached to non-residential commercial buildings and business-use land, etc.) portion was 12,700, representing increases of 10.2% and 15.5% respectively compared to the previous year. The tax amounts were 1.7214 trillion KRW and 1.1678 trillion KRW respectively, increasing by 13.7% and 24.2% during the same period.

Accordingly, the total number of comprehensive real estate tax notifications exceeded 1 million for the first time ever. The previously announced number of taxpayers notified for the housing portion of the comprehensive real estate tax was 947,000; excluding the overlapping 4,000 people between the comprehensive combined land and separately combined land portions, and the overlapping 25,000 people between the land and housing portions, the total number of people notified for comprehensive real estate tax due to owning either housing or land reached approximately 1,026,600.

For the comprehensive combined land portion of the comprehensive real estate tax, Gyeonggi Province had the highest number of notifications, while Seoul was dominant in terms of tax amount. The number of notifications in Seoul decreased from 21,548 last year to 20,675, and the tax amount decreased from 731.4 billion KRW to 530.4 billion KRW. In Gyeonggi, the number of notifications increased from 25,479 to 28,445, and the tax amount rose from 242.4 billion KRW to 387.7 billion KRW. In Busan, the number of notifications increased from 5,778 to 6,503, and the tax amount rose from 64.1 billion KRW to 100.5 billion KRW. Based on this year’s data, regions where the comprehensive combined land portion tax amount exceeded 100 billion KRW included Seoul, Gyeonggi, Busan, and Daejeon (120.6 billion KRW). Last year, only Seoul and Gyeonggi had tax amounts exceeding 100 billion KRW.

For the separately combined land portion of the comprehensive real estate tax, Seoul notified 7,293 people with a tax amount of 797.3 billion KRW, and Gyeonggi notified 2,509 people with a tax amount of 143.3 billion KRW.

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