An Analysis on the Impacts of Changes in Publicly Noticed Value of Real Estate Price(PNV) on Local Public Finance

Park Joon; Jaehwan Kim

doi:10.15793/kspr.2015.85..008

The Korean government is considering overall re-organisation of Publicly Noticed Value of Real Estate Price(PNV) System using actual sales price. By re-organising the system, the ratio of PNV to actual sales price will rise leading to an upturn of tax base and amount of property tax since the PNV is used for calculating the tax base. The purpose of this study is to estimate the changes of property tax from the expected reform of PNV system and analyse its impact on local public finance, which can contribute to the policies on tax and PNV system. If the expected reform of PNV system elevates tax base of property tax, it is estimated that 3.5~8.6 trillion Korean won will increase in Property Tax and other related taxes including Gross Real Estate Tax and Regional Resources Facilities Tax by scenario. It is also expected that the reform of the system would be followed by adjustments of tax rate or the ratio of tax base to actual sales price. However, its impacts on local public finance vary by local government as the ratio of PNV to actual sales price are different by region and property type. Managing tax base in regional or national level can be an option to sort out the problem but it needs wider discussion to implement.

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