Last Change:

05/27/2025

Comprehensive Real Estate Holding Tax Act

Year: 2009

Type: Domestic law

Rights Category: Housing, land & property, Documentation

Link to external source: https://www.refworld.org/legal/legislation/natlegbod/2005/en/149754
Description

The purpose of this Act is to contribute to balanced budgetary financing of local governments and sound development of the national economy through promotion of fairness in tax liabilities in relation to possession of real estate property and stabilization of real estate prices by levying comprehensive real estate holding tax on persons possessing high-amount real estate property.

Selected provisions
Article 7 - Taxpayers

(1) Any taxpayer who is liable for property taxes on housing as at the date of taxation shall be liable to pay comprehensive real estate holding tax. <Amended on Dec. 31, 2005; Dec. 26, 2008; Aug. 18, 2020>

(2) In cases of housing which is trust property registered or recorded (hereinafter referred to as “trust housing”) under the name of a trustee defined in Article 2 of the Trust Act (hereinafter referred to as a “trustee”), notwithstanding paragraph (1), a trustor defined under that Article (in cases of trust housing that is purchased and possessed by a local-based housing association defined in subparagraph 11 (a) of Article 2 of the Housing Act and a workplace-based housing association defined in item (b) of that subparagraph with the money paid by the members of the associations, referring to the relevant local-based housing association and workplace-based housing association; hereinafter referred to as a “trustor”) shall be liable to pay comprehensive real estate holding tax. In such cases, the trustor shall be deemed to possess the trust housing. <Newly Inserted on Dec. 29, 2020>

(3) Deleted. <Dec. 26, 2008>

[This Article is Amended by Act No. 9273 promulgated on December 26, 2008 following the decision of unconstitutionality made by the Constitutional Court on November 13, 2008]

Article 12 - Taxpayers

(1) A taxpayer subject to property tax on land as of the date of taxation who falls under any of the following subparagraphs is liable to pay comprehensive real estate holding tax on the relevant land: <Amended on Dec. 31, 2005; Dec. 26, 2008>

1. Where the land is subject to general aggregate taxation, a person for whom the aggregate of publicly notified prices for the relevant taxable land which is domestically located exceeds 500 million won;

2. Where the land is subject to special aggregate taxation, a person for whom the aggregate of publicly notified prices for the relevant taxable land which is domestically located exceeds 8 billion won.

(2) In cases of land recorded or registered as trust property under the name of a trustee (hereinafter referred to as “trust land), notwithstanding paragraph (1), the relevant trustor shall be liable to pay comprehensive real estate holding tax. In such cases, the trustor shall be deemed to hold such trust land. <Newly Inserted on Dec. 29, 2020>

<Amended by Act No. 9273 promulgated on December 26, 2008 following the decision of unconstitutionality with the Constitution by the Constitutional Court>