S. Korea to cut tax burden for homeowners by raising value threshold

종부세 부과기준 공시가 9억원에서 11억원 상향조정... 1세대 1주택 부과대상 전국 9만4천

Homeowners in South Korea have seen a surge in the value of their property, pushing some into a higher property tax bracket, so the government has changed the rules starting this December to reduce the burden.
The National Assembly on Tuesday passed an amendment to the Gross Real Estate Tax, which refers to the threshold at which homeowners start paying a property surtax ranging from about half a percent to 3 percent.
The threshold where that kicks in... has been raised from homes worth 900 million won about 750-thousand U.S. dollars to 1-point-1 billion won, which is around 950-thousand dollars.
That'll reduce the number of people who pay the tax from 183-thousand to 94-thousand.

#SouthKorea #tax #homeowner

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2021-09-01, 17:00 (KST)

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