[Asia Economy Sejong=Reporter Kwon Haeyoung] The government is pushing to provide tax benefits, including easing the comprehensive real estate tax burden, to temporary two-homeowners due to moving or inheritance, treating them the same as single-homeowners per household.
The Ministry of Economy and Finance announced in a press release on the 11th, "We will actively consider granting the same benefits as single-homeowners per household to temporary two-homeowners due to unavoidable reasons."
Earlier, the government abolished the multi-homeowner heavy tax rate for temporary two-homeowners due to inherited homes in February. However, such benefits were not granted to temporary two-homeowners due to other reasons such as moving. This time, the government plans to abolish the multi-homeowner heavy tax rate for all temporary two-homeowners and apply the tax benefits limited to single-homeowners equally. Accordingly, those who become temporary two-homeowners due to moving or inheritance will also be able to receive ▲a basic deduction of 1.1 billion KRW ▲up to 80% tax credit for elderly or long-term ownership ▲special cases for jointly owned single homes by spouses, which were previously available only to single-homeowners.
The measures announced by the government at the end of last month to ease the comprehensive real estate tax burden due to the sharp rise in official property prices, such as ▲applying the 2021 official property price for single-homeowners per household ▲payment deferral benefits for the elderly, will also apply.
A Ministry of Economy and Finance official explained, "This is a continuation of the consistent policy direction to protect actual demand. However, granting single-homeowner benefits to temporary two-homeowners requires legal amendments and additional legislative measures."
Regarding the temporary exclusion of heavy capital gains tax on multi-homeowners requested by the Presidential Transition Committee to be implemented from April, the official clearly stated that "it is desirable to implement this immediately after the new government takes office," indicating no intention to pursue it under the current administration.
The official added, "The temporary exclusion of heavy capital gains tax on multi-homeowners should be reviewed and promoted in connection with other policies under a comprehensive real estate policy roadmap to be prepared under the new government's policy direction after its inauguration. Changing the main policy direction during the current government's term, which could cause fairness issues for the homeless, single-homeowners, and previous home sellers, is not desirable." He continued, "The current government will focus on thoroughly implementing market stabilization measures such as expanding supply during this transitional period while creating conditions for the new government to explore changes in real estate policy direction to the fullest extent."
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