"673 Minors Under 20 Subject to Comprehensive Real Estate Tax... Doubled in One Year"
Rapid Rise in Real Estate Prices Due to Officially Announced Price Realization Impact
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[Asia Economy Reporter Koo Chae-eun] The number of minors subject to comprehensive real estate tax payments nearly doubled compared to the previous year. Due to the surge in real estate prices, capital gains from real estate transfers by minors also increased significantly.
According to data received from the National Tax Service by Kang Jun-hyun, a member of the National Assembly's Planning and Finance Committee from the Democratic Party of Korea, as of last year, the number of people under 20 subject to comprehensive real estate tax was 673, with a total tax amount of 1.651 billion KRW. The tax amount per minor reached 2.45 million KRW. Compared to 2020, when 366 people were taxed 736 million KRW, these figures represent increases of 83% and 124%, respectively.
The number of minors subject to comprehensive real estate tax has been rapidly increasing annually, from 180 people (241 million KRW) in 2017. This trend is attributed to the sharp rise in real estate prices during this period and policies such as the realization of official property prices.
The comprehensive real estate tax is imposed when the total official price of houses owned by an individual exceeds 600 million KRW. For single-household owners, the threshold is 1.1 billion KRW.
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Assemblyman Kang pointed out, "The increase in real estate capital gains and comprehensive real estate tax payers and payments among minors is a concerning issue that could cause a sense of relative deprivation among the majority of the public, including the middle class and ordinary citizens." He added, "The government should strengthen monitoring of illicit inheritance and gifts related to real estate and pursue tax policies to prevent wealth concentration in specific social classes from real estate assets."
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