The Effect of Comprehensive Real Estate Holding Tax and Property Tax on House Prices Using Search Frequencies

Noh Sanha; Shin Jinho

doi:10.15793/kspr.2021.110..005

Until recently, with the aim of stabilizing housing prices, policy announcements were made to increase the tax burden on the comprehensive real estate holding tax and property tax. This study analyzes the effect of comprehensive real estate holding tax and property tax on housing prices by using internet search index data reflecting changes in consumer sentiment caused by this tax increase policy. The search index data showed a sharp rise when consumers recognized the actual tax imposed. On the contrary, at the time of the government's policy announcement, the search index increased relatively little except at the time of the resumption of comprehensive real estate holding tax taxation in 2018. As a result of empirical analysis, it was found that an increase in the comprehensive real estate holding tax or property tax had a significantly negative effect on house prices in the short term. In addition, the effect of lowering the housing price of property tax would be greater than that of comprehensive real estate holding tax. From the results of this study, in the case of increasing the tax burden of the comprehensive real estate holding tax and property tax for the purpose of stabilizing the housing price, policy implications are obtained that it is important to make the increased tax amount continuously recognized by households.

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* 2021년 이후 발행 논문의 참고문헌은 현재 구축 중입니다.

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