The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
  • Hangzhou Asian Games
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_X_on_2023.svgbt_X_over_2023.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
  • Hangzhou Asian Games
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_X_on_2023.svgbt_X_over_2023.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
  • Login
  • Register
  • Login
  • Register
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
  • 1

    Korea to expand visa benefits to accelerate inbound tourism

  • 3

    Israeli TV shows footage of stripped detainees in Gaza

  • 5

    'British Spider-Man' ends 6-month stay in Korea

  • 7

    INTERVIEWEx-NIS chief urges politicians to stop exploiting spy agency

  • 9

    Footballer Hwang's sister-in-law indicted for disclosing his private videos

  • 11

    Hyundai Motor hires former US Ambassador to Korea Sung Kim as adviser

  • 13

    CITYSCAPESDrone pilot explores Korea's hardest-to-reach places

  • 15

    K-pop's appeal reflected in global accolades

  • 17

    US defense policy bill calls for maintaining 28,500 US troops in Korea

  • 19

    LG Energy Solution wins battery module supply deal in Poland

  • 2

    Seoul awards honorary citizenship to outstanding foreign residents

  • 4

    Why Korean shoppers flock to Chinese e-commerce sites

  • 6

    Will Korea avoid hard landing in housing market?

  • 8

    Seoul-Moscow ties likely stuck in limbo amid blame game

  • 10

    'Squid Game' director promises 'deeper story' with new characters, games for Season 2

  • 12

    '12.12: The Day' goes strong at box office, attracts younger generation

  • 14

    Pro-labor 'yellow envelope bill' scrapped in revote after Yoon's veto

  • 16

    Love and hope in Korea

  • 18

    Hanwha signs $2.4 bil. deal to export infantry fighting vehicles to Australia

  • 20

    NK urges people to follow leader Kim Jong-un in climbing Mount Paektu

Close scrollclosebutton

Close for 24 hours

Open
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
Sun, December 10, 2023 | 21:57
Markets
1.2 mil. homeowners to be subject to 'pricey home' tax
Posted : 2022-11-21 16:28
Updated : 2022-11-22 15:21
Yi Whan-woo
Print PreviewPrint Preview
Font Size UpFont Size Up
Font Size DownFont Size Down
  • facebook
  • twitter
  • kakaolink
  • whatsapp
  • reddit
  • mailto
  • link
Apartment buildings are seen from central Seoul's Mount Nam, Sunday. Yonhap
Apartment buildings are seen from central Seoul's Mount Nam, Sunday. Yonhap

By Yi Whan-woo

A record 1.2 million homeowners this year will be asked to pay a tax which is disputed as a punitive measure against those owning a single "pricey home" or multiple homes, according to the government.

It is the first time more than 1 million homeowners will be subject to the so-called comprehensive real estate tax which was introduced in 2005. The tax agency started mailing out bills on Monday.

Aimed at preventing land speculation, the policy concerning the comprehensive real estate tax has been revised over the years in accordance with rising housing prices.

While many of the 1.2 million are average income earners with a single home, they are targeted for taxation as housing prices skyrocketed over the devastating failure of the previous Moon Jae-in administration's real estate policies.

The latest policy stipulates a comprehensive real estate tax to be levied on owners of one home priced at 1.1 billion won ($809,000) or more, and also on owners of multiple homes with their combined state-assessed value exceeding 600 million won.

Housing prices have been cooling down nationwide lately due to steep interest rate hikes.

Nevertheless, the 1.2 million people own either one home or multiple homes that have exceeded the criteria.

The number of targeted taxpayers this year is a 29 percent increase from last year.

The government is expected to collect more than 4 trillion won from the comprehensive real estate tax this year, about 10 times more than five years ago.

The real estate tax regulation is anticipated to draw backlash from homeowners, and taking this into account, the government plans to raise the ceiling for taxation ― 1.2 billion won for single homeowners, and 900 million won in combined state-assessed value for owners of multiple homes.


Emailyistory@koreatimes.co.kr Article ListMore articles by this reporter
 
wooribank
LG group
Top 10 Stories
1'British Spider-Man' ends 6-month stay in Korea 'British Spider-Man' ends 6-month stay in Korea
2Justice minister challenges opposition leader in polls for potential next president Justice minister challenges opposition leader in polls for potential next president
3Kim Bu-gwi, the tallest monk at Hwaeom Temple Kim Bu-gwi, the tallest monk at Hwaeom Temple
4Cadero Grip introduces hybrid golf grip product Cadero Grip introduces hybrid golf grip product
5German scholar lectures on 'Saving Confucius from Confucianism'German scholar lectures on 'Saving Confucius from Confucianism'
6N. Korea's fear of external info grows after Seoul allows sending propaganda leafletsN. Korea's fear of external info grows after Seoul allows sending propaganda leaflets
7Methods to avoid YouTube, Netflix restrictions go viral Methods to avoid YouTube, Netflix restrictions go viral
8Hunting 'crow thief' on Korea's east coast in 1930s Hunting 'crow thief' on Korea's east coast in 1930s
9Skepticism mounts over shareholder activism at Samsung C&TSkepticism mounts over shareholder activism at Samsung C&T
10Eximbank teams up with US counterpart on decarbonization Eximbank teams up with US counterpart on decarbonization
Top 5 Entertainment News
1[INTERVIEW] How AmazeVR revolutionizes aespa's LYNK-POP concert INTERVIEWHow AmazeVR revolutionizes aespa's LYNK-POP concert
2'Dune: Part Two': most challenging but proud work, says director Denis Villeneuve 'Dune: Part Two': most challenging but proud work, says director Denis Villeneuve
3Kohei Nawa goes 'cosmic' in his disturbingly mesmerizing world Kohei Nawa goes 'cosmic' in his disturbingly mesmerizing world
4'12.12: The Day' goes strong at box office, attracts younger generation '12.12: The Day' goes strong at box office, attracts younger generation
5K-pop's appeal reflected in global accolades K-pop's appeal reflected in global accolades
DARKROOM
  • It's beginning to look a lot like Christmas

    It's beginning to look a lot like Christmas

  • 2023 Thanksgiving parade in NYC

    2023 Thanksgiving parade in NYC

  • Appreciation of autumn colors

    Appreciation of autumn colors

  • Our children deserve better

    Our children deserve better

  • Israel-Gaza conflict erupts into war

    Israel-Gaza conflict erupts into war

  • Turkey-Syria earthquake

    Turkey-Syria earthquake

  • Nepal plane crash

    Nepal plane crash

  • Brazil capital uprising

    Brazil capital uprising

  • Happy New Year 2023

    Happy New Year 2023

  • World Cup 2022 Final - Argentina vs France

    World Cup 2022 Final - Argentina vs France

CEO & Publisher: Oh Young-jin
Digital News Email: webmaster@koreatimes.co.kr
Tel: 02-724-2114
Online newspaper registration No: 서울,아52844
Date of registration: 2020.02.05
Masthead: The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Contact Us
  • Products & Services
  • Subscribe
  • E-paper
  • RSS Service
  • Content Sales
  • Site Map
  • Policy
  • Code of Ethics
  • Ombudsman
  • Privacy Statement
  • Terms of Service
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group