Among the 5 Metropolitan Local Governments with the Lowest Inheritance and Gift Property Values of Assemblyman Kim Hoe-jae, 3 Are in Honam

2020 Inheritance and Gift Property Values Lowest by Metropolitan Municipality: Sejong (258.3 Billion KRW), Ulsan (533.3 Billion KRW), Jeonbuk (562.9 Billion KRW), Jeonnam (566.3 Billion KRW), Gwangju (629.3 Billion KRW)

Total Inheritance and Gift Property Value in Honam Region Only 6.5% of Seoul's (27 Trillion KRW)

[Yeosu=Asia Economy Honam Reporting Headquarters Reporter Choi Cheol-hoon] In 2020, three of the five metropolitan local governments with the lowest inheritance and gift property values were in the Honam region. Even when adding up all the inheritance and gift property values in the Honam region, it was less than one-tenth of Seoul's.

According to the status data of '2020 Metropolitan Local Governments' Inheritance and Gift Property Values' submitted by the National Tax Service to Kim Hoe-jae, a member of the Democratic Party of Korea (Jeonnam Yeosu City Eul), the total inheritance and gift property that occurred in 2020 was 52.8933 trillion won.

Among them, it was analyzed that the inheritance and gift property was less than 1 trillion won in 11 cities and provinces.

Sejong (258.3 billion won) had the least inheritance and gift property, followed by Ulsan (533.3 billion won), Jeonbuk (562.9 billion won), Jeonnam (566.3 billion won), Gwangju (629.3 billion won), Gangwon (656.8 billion won), Chungbuk (697.3 billion won), Jeju (757.3 billion won), Daejeon (801.8 billion won), Gyeongbuk (923 billion won), and Chungnam (948 billion won).

The Honam region accounted for three of the five metropolitan local governments with the lowest inheritance and gift property values.

Most of the inheritance and gift property in 2020 occurred in the metropolitan area. The total inheritance and gift property in the metropolitan area was 39.9755 trillion won, accounting for 75.6% of the total.

Among the metropolitan areas, Seoul had the highest inheritance and gift property at 27.2325 trillion won, followed by Gyeonggi with 11.2867 trillion won, and Incheon with 1.4563 trillion won.

Other cities with inheritance and gift property exceeding 1 trillion won included Busan (2.6754 trillion won), Daegu (1.6786 trillion won), and Gyeongnam (1.2295 trillion won).

Even when combining the three Honam metropolitan local governments (Jeonbuk, Jeonnam, Gwangju) totaling 1.7585 trillion won, it was analyzed to be only 6.5%, less than one-tenth of Seoul's inheritance and gift property (27.2325 trillion won).

Representative Kim Hoe-jae stated, "The reality of South Korea's territorial imbalance is clearly revealed not only in terms of income and jobs but also in terms of assets," and emphasized, "Inheritance and gift taxes, like comprehensive real estate taxes, should be used for balanced regional development and to reduce asset disparities between regions."

In December last year, Representative Kim proposed a bill to establish a new 'Asset Disparity Reduction Grant Tax' (partial amendment to the Local Grant Tax Act), which uses 50% of the total inheritance and gift tax as a resource to ensure housing stability for youth and the homeless and to reduce asset disparities, with all funds allocated to local governments.

Yeosu=Asia Economy Honam Reporting Headquarters Reporter Choi Cheol-hoon cch@asiae.co.kr

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