[양경섭 세무사의 절세비법 93] 1 household, 1 homeowner’s property tax, the longer you hold it, the lower the tax burden

Kyung-seop Yang, Representative Tax Accountant of Onse Tax Group / Specialized Tax Accountant in Inheritance and Gift Real Estate

In the case of a single householder, if the publicly announced housing price exceeds KRW 1.1 billion, the tax is imposed.

One household, one homeowner can also apply for the elderly tax credit and long-term owner tax credit. The tax credit for the elderly and long-term owners tax credit is quite large.

The maximum for the elderly tax credit and the long-term owner tax credit is 40% and 50%, respectively, and the two tax credits can be combined to receive a maximum of 80%.

(Chart = provided by Tax Group Onse)

(Chart = Tax Group Onse)

As shown in the table above, 20% of the tax credit is applied from the holding period of 5 years or more. The longer you hold it, the larger the tax credit will be, and the lower your tax burden.