[2020 Comprehensive Real Estate Tax] Record High Revenue of 4.3 Trillion Won... Seoul Housing Portion Accounts for 59%

Jeju Island Tax Revenue 49.2 Billion Won... 244.1% Surge Compared to Previous Year

Apartment complex area in Gangnam-gu, Seoul (Photo by Yonhap News)

[Asia Economy Reporter Kwangho Lee] The government sent comprehensive real estate tax payment notices and payment guidance documents to 744,000 people (tax amount 4.2687 trillion KRW) this year, with more than half of the taxpayers for the housing portion located in Seoul.

According to the "2020 Comprehensive Real Estate Tax Notice Status by City and Province for Housing Portion" announced by the National Tax Service on the 25th, the number of taxpayers in Seoul was 393,000, with a total tax amount reaching 1.1868 trillion KRW.

This represents an increase of 95,000 people (31.9%) and 357.1 billion KRW (43.0%) in tax amount compared to the previous year.

Gyeonggi Province recorded 147,000 people and 260.6 billion KRW in tax. Following were Busan with 23,000 people and 45.4 billion KRW, Daegu with 20,000 people and 33.5 billion KRW, Incheon with 13,000 people and 24.2 billion KRW, and Daejeon with 11,000 people and 17.8 billion KRW.

Jeju Province saw a significant increase in tax amount compared to the previous year. Last year, Jeju's tax amount was 14.3 billion KRW, but this year it jumped to 49.2 billion KRW, an increase of 34.9 billion KRW (244.1%).

The comprehensive real estate tax is a tax aimed at ensuring fairness in the tax burden on real estate ownership and balanced development of local finances.

All comprehensive real estate tax revenue is transferred to local governments as real estate allocation tax.