주택조세가 주택투자 수익률에 미치는 영향－ 강남구와 노원구를 대상으로 －

Abstract

Since the late 1960s, the Korean government has actively employed real estate taxes as a housing policytool, and taxes have frequently been changed to meet the contemporary policy goals. The effects of realestate taxes on homeowner behavior and market variables, however, are usually analysed only with roughestimates of tax burdens. This study intends to fill the gap by precisely measuring the tax burdens asrepresented by changes in the internal rate of return(IRR) for house investment. For a sample ofapartments drawn from two representative residential areas, Gangnam-gu and Nowon-gu, in Seoul, wecalculate the actual tax amounts of various taxes imposed on acquisition, holding, and sale of eachapartment. For this calculation, we assume that the investor buys between 2000 and 2007 and holds forfive years. Major changes of the acquisition tax include the sharp rise of assessment ratio and frequent changes ofthe nominal tax rate. The average assessment ratio was under 20% before 2005, but the ratio was raisedin 2005 and 2006 to 100%. For eight investment cycles, the acquisition tax on average reduced apartmentinvestor's IRR by 0.32%p. and 0.4%p. respectively for Gangnam-gu and Nowon-gu sample. In the case of real estate holding taxes, the assessment ratio has also been raised sharply, and thecomposite land tax was abolished while the comprehensive real estate holding tax was introduced. However, such changes has not significantly affected the average tax burden. On average, holding taxesreduced the IRR by 0.28%p. and 0.22%p. respectively for Gangnam-gu and Nowon-gu samples. We find that effective tax burden of the capital gains tax far outweighs other taxes. A qualifiedone-house owner benefits from tax exemption, but an owner of two or more houses are heavily taxed. For the Gangnam-gu sample, the average IRR of apartment investment for an owner of one, two, or threehouses decreased by 0.51%p., 3.11%p., or 5.18%p. respectively by the capital gains tax. The punitivecapital gains tax on the owner of three or more houses lowered the total investment return by half. Theheavy taxation of the capital gains tax on owners of more than two houses may have been a factor fordecreased demands for houses in recent years.