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Study on the Home-ownership Policy in Public Law

  • Public Land Law Review
  • Abbr : KPLLR
  • 2019, 85(), pp.201-230
  • Publisher : Korean Public Land Law Association
  • Research Area : Social Science > Law
  • Received : January 31, 2019
  • Accepted : February 15, 2019

Lee, Jehee 1

1조선대학교

Accredited

ABSTRACT

One of the preconditions for assuring human worth and dignity, as stipulated in Article 10 of the Constitution, is the right to adequate housing. Owning the home in which one lives is not necessary for a pleasant and stable housing environment. However, the policy of promoting housing ownership is necessary, as owner-occupied housing contributes to the stability of a residence, old-age life security, and active community participation. It is natural for an initial home-ownership to take precedence over multi-house ownership in housing policy. The support for housing purchase can help solve social problems such as low birth rate by establishing a virtuous cycle of independence attained through marriage, housing rent, and home ownership. The expansion of housing supply is necessary to expand housing holdings, while the role played by multi-house owners is important as well. This is because multi-house owners play the role of a civil rental business entity, and contribute toward the revitalization of the housing market by being the primary investors in the pre-sales system. Regulations targeting multi-house owners should focus on curbing the soaring housing prices, and on appropriate taxation on transfer and rental incomes. The real estate tax, which forms the core of housing policy, is determined by officially assessed land prices that reflect the market prices. The real estate tax is implemented through legislative policy as a tax on unrealized capital gain that reduces the predictability of household tax burden. It is necessary to refer to the taxation system of the United States, which imposes real estate tax on the acquisition price of a house. Moreover, if the highest priority of housing policy is to promote housing ownership, it should not increase the tax burden on real estate as it can cause non-householders to hesitate in buying housing. The current system of officially assessing land prices has drawbacks such as different ratio of market prices by region and type of housing. Therefore, it is necessary to review the taxation policy on the basis of unrealized capital gain. This should be discussed simultaneously with the transfer income tax. If the increased values on real estate are not included in taxation during housing holding, the values should be imposed on the transfer income tax. This would reflect the publicity of housing and curb speculative demand.

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