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Abstract

A Study On The Effect Of Real Estate Tax System Upon Real Estate Price

Jeong-Heun Nam

Department of Resource Economics, Graduate school, Pukyong National University

Abstract

This study analyzes the effect of real estate tax system to real estate price separated into three sections like whole country, Seoul, Busan. It takes into account acquisition tax, registration tax, property tax and capital gains tax and others. Because real estate tax is levied on the whole process of acquisition, possession, transfer and so on. This study will figure out the suggestion of real estate tax system for real estate price stabilization and for housing welfare improvement.

-ⅷ- The analysis method used is the Vector Autoregressive(VAR) model. To search the relation between apartment price and tax, each tax is analyzed with VAR model. Granger Casuality Test is used to check the specific character of materials and after checking, the VAR model is set. Also analyzed are how taxes effect the apartment price in the whole country, Seoul, Busan with Impulse Response Function Analysis and Variance Decomposition Analysis. The results of the study about price effect of real estate tax system are as follows. First, acquisition taxation effect to drop apartment purchase price in the whole country, Seoul, Busan. Possession taxation drops the apartment purchase price in the whole country and Busan but it is not very clear as to the apartment purchase price in Seoul. In the case of transfer taxation, it brings apartment purchase price up in Seoul and Busan. Also it makes the apartment purchase price in the whole country rise in the short term, but the price goes down in the long-term. Second, the acquisition taxation result on Apartment lease price in the whole country, Seoul and there is transfer effect. In Busan, the price goes up the first time but goes down the second time and there is no transfer effect. Directly after impulse of possession taxation, Apartment lease price in the whole country and Busan goes up. But after that it goes down and transfer effect is not seen. Seoul apartment lease price goes up so it seems that the tax burden transfers to lessee. Soon after impulse of transfer taxation, Apartment lease price in the whole country goes up but after that it goes down and transfer effect is not seen. Transfer taxation brings Seoul and Busan apartment lease price up and tax burden transfer to a lessee. Third, Busan apartment purchase price is moved less by tax than the price of Seoul and the whole country and changed more by apartment purchase price alone. Apartment lease price is affected by acquisition taxation in three sections of the whole country, including Seoul and Busan. -ⅸ-

In view of the results so far achieved, the real estate tax system depends upon the location of the apartment and prices are dependent on the particular location. However this is not because of the basic property of real estate tax system. It means the myopic tax policy which followed the real estate market made the practical effect weak.

Key Words : Real estate tax system, Real estate price, Vector Autoregressive(VAR) Model, Impulse Response Function Analysis, Variance Decomposition Analysis