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Property tax revenues to decline next year on low transactions: Gov't Updated: 2021-10-21 15:03:21 KST

Home prices in Korea are rising fast, but the government is expecting to get less revenue from taxes on home sales next year because of a fall in transactions.
The finance ministry says it expects transactions to decrease by 17 percent in the Seoul area and 14 percent elsewhere.
Based on that, it projects tax revenue from home sales to come to 22.four trillion won… or about 19 billion U.S. dollars,… down 11.nine percent from the last forecast in August.
Home values are forecast to rise next year, though -- in the Seoul area by 5.1 percent… and elsewhere by 3.5 percent.
That'll boost revenues from ordinary property tax, but not as much as the capital gains tax shortfall.
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