A Study on Threshold Effect of Housing Market: Focused on Tax, Market Cycle and Psychology

Lee， Seok Hee; BYUNG WOOK JUN

doi:10.15793/kspr.2020.104..007

Until 2019, acquisition tax system had problems that cause market distortions where threshold effects occur at the tax rate change point. So the government has implemented the revised acquisition tax system since Jan. 1, 2020 in order to rationalize the acquisition tax rate system for housing-related transactions. Therefore this study analyzed to see if the threshold effect was only tax-driven. The main conclusions of the study are as follows: First, we have confirmed that one of the threshold effects, the price-notch effect, is affected by the housing market economy. Second, In the apartment market, it was confirmed that the market reacted sensitively to price changes at low prices and to price changes at high prices. Therefore, it was found that the threshold effect of the 2018 year, which the government perceived as a problem, actually occurred in terms of taxation, but the effect of the apartment market economy was largely attributed to the effect.

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