▲ Songpa-gu Mayor Seo Kang-seok
Seoul's Songpa-gu (Mayor Seo Kang-seok) announced today (August 24) that it has submitted a proposal to the Ministry of Land, Infrastructure and Transport calling for improvements to the calculation system for publicly notified prices of apartment homes, in response to the surging tax burdens on residents driven by recent sharp increases in these prices.
According to the district, the growth rate of publicly notified prices for apartment homes in Songpa-gu this year stood at 25.49%, surpassing the Seoul average of 18.67%.
Property taxes on housing also increased by 23.73% compared to the previous year.
The proposed improvements include institutional reforms such as: minimizing the reflection of abnormal transactions in areas experiencing short-term price spikes; applying median prices; flexibly applying market price reflection rates; staggering and distributing excessively high increases; and legalizing tax impact analyses and evaluations of taxpayer burdens.
This proposal was made out of concern that the soaring publicly notified prices of apartments in Songpa-gu would increase tax burdens and potentially lower public acceptance of the publicly notified price system.
The district explained, "As publicly notified prices are utilized as a baseline for various administrative systems—including holding taxes such as property tax and comprehensive real estate tax, as well as health insurance premiums and welfare eligibility criteria—both residents' burdens and tax equity must be considered together."
Mayor Seo Kang-seok stated, "Institutional improvements are necessary so that price adequacy, tax equity, and public acceptance are balanced," adding, "We will continue to consult with the central government to stabilize residents' tax burdens and operate a fair publicly notified price system."
(Photo: Yonhap News)
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