@article{ART002330608},
author={Park, Joon and Lee Sanghoon and Park Sangsu},
title={The Impacts of Changes in Publicly Noticed Value of Real Estate on Local Finance},
journal={The Korea Spatial Planning Review},
issn={1229-8638},
year={2018},
volume={96},
pages={83-102},
doi={10.15793/kspr.2018.96..006}
TY - JOUR
AU - Park, Joon
AU - Lee Sanghoon
AU - Park Sangsu
TI - The Impacts of Changes in Publicly Noticed Value of Real Estate on Local Finance
JO - The Korea Spatial Planning Review
PY - 2018
VL - 96
IS - null
PB - 국토연구원
SP - 83
EP - 102
SN - 1229-8638
AB - The purpose of this study is to figure out impacts on local finance by the changes in property taxes by the changes in Publicly Noticed Values of Real Estate (PNV) which are different by property type and region. Based on the analysis on the changes, this study found that the gaps between local finances are getting greater by the changes in PNV. If the ratio of PNV to market price is changed to 80~100%, it is estimated that 2.0~4.7 trillion won in Property Tax (PT), 0.5~1.2 trillion won in Local Resource and Facility Tax and Local Education Tax (a surtax of PT), and 0.8~2.3 trillion won in Comprehensive Real Estate Holding Tax (CREHT) will increase respectively. In this case, local tax revenue is expected to increase by 4.5~10.9%. Local revenue including local subsidies is expected to increase by 2.0~5.1% in overall. The ratio of the local tax tax revenue of upper 20% regional level governments to lower 20% and that of local revenue are getting greater as of 7.81~8.16 and 6.52~6.65 respectively. Given the worsening regional balance in Korea, an appropriate measures needs to be developed to address the problem of widening gaps of local finance by the changes in PNV. Shared-tax revenue for fiscal equalization can be a feasible option to reduce the gaps between local governments. In addition to this, an improvement of criteria of local distribution of the revenue of CREHT to local governments can also contribute to the better balance.
KW - Publicly Noticed Value of Real Estate (PNV);Local Finance;Local Subsidy;Shared Tax
DO - 10.15793/kspr.2018.96..006
ER -
Park, Joon, Lee Sanghoon and Park Sangsu. (2018). The Impacts of Changes in Publicly Noticed Value of Real Estate on Local Finance. The Korea Spatial Planning Review, 96, 83-102.
Park, Joon, Lee Sanghoon and Park Sangsu. 2018, "The Impacts of Changes in Publicly Noticed Value of Real Estate on Local Finance", The Korea Spatial Planning Review, vol.96, pp.83-102. Available from: doi:10.15793/kspr.2018.96..006
Park, Joon, Lee Sanghoon, Park Sangsu "The Impacts of Changes in Publicly Noticed Value of Real Estate on Local Finance" The Korea Spatial Planning Review 96 pp.83-102 (2018) : 83.
Park, Joon, Lee Sanghoon, Park Sangsu. The Impacts of Changes in Publicly Noticed Value of Real Estate on Local Finance. 2018; 96 83-102. Available from: doi:10.15793/kspr.2018.96..006
Park, Joon, Lee Sanghoon and Park Sangsu. "The Impacts of Changes in Publicly Noticed Value of Real Estate on Local Finance" The Korea Spatial Planning Review 96(2018) : 83-102.doi: 10.15793/kspr.2018.96..006
Park, Joon; Lee Sanghoon; Park Sangsu. The Impacts of Changes in Publicly Noticed Value of Real Estate on Local Finance. The Korea Spatial Planning Review, 96, 83-102. doi: 10.15793/kspr.2018.96..006
Park, Joon; Lee Sanghoon; Park Sangsu. The Impacts of Changes in Publicly Noticed Value of Real Estate on Local Finance. The Korea Spatial Planning Review. 2018; 96 83-102. doi: 10.15793/kspr.2018.96..006
Park, Joon, Lee Sanghoon, Park Sangsu. The Impacts of Changes in Publicly Noticed Value of Real Estate on Local Finance. 2018; 96 83-102. Available from: doi:10.15793/kspr.2018.96..006
Park, Joon, Lee Sanghoon and Park Sangsu. "The Impacts of Changes in Publicly Noticed Value of Real Estate on Local Finance" The Korea Spatial Planning Review 96(2018) : 83-102.doi: 10.15793/kspr.2018.96..006
