Baek Hyunjin "Heliociti, Comprehensive Real Estate Tax to Increase by 466% Over the Next 2 Years"

Estimated 'Changes in Comprehensive Real Estate Tax' for 13 Apartment Complexes in Songpa Eul

[Image source=Yonhap News]

[Asia Economy Reporter Park Jun-yi] Bae Hyun-jin, a member of the People Power Party (Seoul Songpa-eul), analyzed the expected increase in comprehensive real estate tax for 13 apartment complexes in her constituency and predicted that the tax could rise by up to 466% over the next two years.

On the 23rd, according to Bae Hyun-jin's office, she commissioned the Korea Association of Property Appraisers to estimate changes in the comprehensive real estate tax and informed residents of the 13 apartment complexes in the Songpa-eul district. The estimate assumed an annual 10% increase in market prices and a constant ratio of multi-homeowners.

Among them, the apartment complex with the largest increase in total comprehensive real estate tax is 'Helio City,' where the tax of 33.2 billion KRW this year is expected to increase by 35.9 billion KRW over the next two years, rising approximately 466%.

Also, 'Jamsil 5 Complex,' which has seen a reconstruction boom following the election of Seoul Mayor Oh Se-hoon, is calculated to increase from 7.4 billion KRW this year to 20.3 billion KRW over the next two years, about a 274% rise.

Additionally, Bae emphasized that applying the 'Good Comprehensive Real Estate Tax Act' (an amendment to the Comprehensive Real Estate Tax Act), which she proposed as a representative in June last year, could mitigate the rate of tax increase.

The amendment includes raising the tax base deduction from 600 million KRW to 900 million KRW and expanding the deduction rate for single-homeowners who are seniors aged 60 or older and long-term holders of over five years.

Bae stated, "I commissioned the Korea Association of Property Appraisers for residents who fear how severe the Moon Jae-in administration's comprehensive real estate tax bomb might be," adding, "As a local representative, it is information I must provide, and I hope it serves as meaningful guidance for the residents."