[사설]Real estate for sale will come out only when multi-homed people are retired from the transfer tax

Deputy Prime Minister Hong Nam-gi appeared on a broadcast yesterday and said, “It is also an important supply measure to allow those who have three or four (houses) to sell their property.” Regardless of the ownership tax and transaction tax, even if all taxes are excessive, multi-homeowners appear to be reviewing measures such as delaying the middle and timing of the capital gains tax, which is the transaction tax. Through the July 10 measures last year, the government increased the maximum transfer tax rate applied to multi-homeowners selling houses in regulated areas from 65% to 75% from June 1 this year. It was expected that the house price would fall if multi-homed people offered a house to avoid the tax burden, but the policy intention did not work at all because the transfer tax rate was already high and the trust in the government’s real estate policy fell as low as possible. Multi-homed people are responding by paying a gift tax and passing it on to their children, rather than paying a large transfer tax.

There are also some prospects mixed with expectations that the transfer tax rate for multi-homed people will be reduced to some extent in the current government’s 25th real estate countermeasure before and after the New Year holidays. The effect will depend on how much and by when the tax rate is lowered, but the government’s long-awaited listening to market demands deserves a positive evaluation. However, it is unclear whether it will be possible to persuade the ruling party’s real estate regulators who have adhered to the attitude of “lose if you step down”. The criticism of ignoring the market reality of “giving the rich an opportunity to take care of unearned income” is also a part that the government must overcome.

‘Higher the holding tax and lower the high transaction tax’ is a big principle of the real estate tax system that the previous government has kept. As the burden of holding taxes such as property tax and taxation tax has soared due to artificial increase in public prices in the past few years, lowering the transfer tax, which is a transaction tax, should be viewed as a normalization of the tax system. Whatever the contents of the housing supply plan prepared by the Minister of Land, Infrastructure and Transport Byun Chang-heum, it takes 3 to 5 years for the actual effect to take effect. In the meantime, the easing of the transfer tax should be promoted as quickly as possible, even to give a clear signal of supply expansion to the unstable market.