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A Study on Property Tax Increase - Focused on U.S. Property Tax -

  • Public Land Law Review
  • Abbr : KPLLR
  • 2018, 81(), pp.1-22
  • Publisher : Korean Public Land Law Association
  • Research Area : Social Science > Law
  • Received : January 4, 2018
  • Accepted : February 24, 2018

Park Min 1

1국민대학교

Accredited

ABSTRACT

The purpose of this paper is to suggest some points to be considered by the legislator if the property holding tax should be increased in order to stabilize housing price. I briefly compare the Korean and US property tax system and compare the tax burden of real estate owners in Seoul and New York City. As a result, it is not a proper claim that the tax burden of housing owners in Korea is severely lower than that of the United States. Considering the tax burden at the acquisition stage, the tax burden of housing owners in Korea is little lower than that of the United State. However, the property tax burden of the entire real estate holders is considerably lower than that of the United States. Based on the results of this study, I propose to strengthen the holding tax on real estate holders, especially multiple housing owners and real estate other than housing, and to convert property tax rate to single tax rate. In addition, in assessing the real estate tax levy, the fair market price is the principle, but the market price of individual real estate is not assessed separately every year, but the property tax is charged based on the amount of real estate acquisition.

Citation status

* References for papers published after 2022 are currently being built.