부동산세제의 강화가 부동산 매매거래에 미친 영향

다국어 초록 (Multilingual Abstract)

As the IT bubble had burst in the stock market in the early 2000, the Korean government lowered the interest rate and supplied plenty of liquidity to the market. In the course of the governmental macro-economic policy, the real-estate market became inordinately heated. In an attempt to cool down the market, the Participatory Administration (the nick name for the former President Rho’s Administration) initiated a variety of tax policies, among which were the Comprehensive Real-Estate Holding Tax(CREHT) and a drastic increase in the tax rates for the capital gains (CG) from transferring the second house (and beyond) owned by a single household. These newly-enacted tax policies sharply augmented the tax burden of the households holding multiple houses for investment purposes. This opens up the possibility that the multiple-house owners could save a considerable amount of taxes by liquidating part of their real-estate investment portfolio prior to the effective date of the adverse tax policies. The main purpose of this study is to empirically investigate if the CREHT and/or the policy of abnormally high CG tax rates for multi-house owners triggered the sale of real estate properties (houses, in particular). As a matter of fact, the financial media and tax practitioners had often recommended the sale of real estate as a means of coping with the radical increase in the real estate tax burden during the Rho’s Participatory Administration. Further, most of the real-estate investors were believed to be aware of the recommended tax strategy. Yet, there has been no academic research conducted to verify that this strategy has been indeed substantiated by multi-house investors. This study contributes to the extant tax literature in that it confirms if real-estate transactions take place because multi-home owners attempt to reduce the number of houses in order to mitigate the real-estate tax burden. In addition, this study makes further contribution in that it examines the economic ramifications of the real-estate tax policies initiated by the Participatory Administration. Prior research directly related to this study is Jung et al.(2008), who analyze the impact on real-estate gift transactions of the CREHT and the sharp rise in the CG tax rate for multi-house owners. Jung et al. note that the taxpayers who own an excessive number of real-estate properties could lower the CREHT burden by transferring some of their properties by gift to related parties such as spouses because the CREHT in its original form imposes the real-estate holding taxes on the aggregate monetary amount of the real estate held by an individual taxpayer rather than held by a single household. Jung et al. find that during the six months prior to the initial implementation of the CREHT, gift transactions increase significantly in both the metropolitan and the non-metropolitan areas. Further, the gift of real estate property to a spouse raises the tax base of the property, and its subsequent sale will generate a substantially reduced amount of capital gains. Jung et al. also document that immediately before the sharp increase in the CG tax rate for the households owning more than three houses, real-estate gifts in the metropolitan areas significantly increase. Besides Jung et al.’s study, to the best of the authors’ knowledge, there is no prior research investigating the effect of tax policies on the real-estate transactions. This study examines whether real-estate sales volume has significantly increased immediately before a radically increased CG tax rate applies to the households who sell the second house (and beyond). It is also examined if the initiation of the CREHT has caused real-estate sale transactions to increase prior to its effective date. The sample data for this study is monthly real-estate sale transactions over the period of August 2001 and April 2008. It is acquired from the Registration Office through an information disclosure request. This is the most s

참고문헌 (Reference)

1 손재영, "지가와 거시경제변수간의 인과관계에 대한 실증분석" 13 : 55-74, 1991

2 김갑성, "주택 가격변화율의 지역적 차이분석:서울 및 주변 신도시의 아파트를 중심으로" 19 : 47-61, 2003

3 정운오, "종합부동산세제 및 배우자 증여재산공제의 변화가 부동산 증여에 미친 영향" 한국세무학회 25 (25): 29-51, 2008

4 서승환, "외환위기와 부동산가격의 행태변화" 7 : 5-24, 1999

5 김진유, "신문기사가 부동산가격변동에 미치는 영향- ‘투기’가 포함된 신문기사와 주택가격간의 그랜저인과관계분석을 중심으로 -" 한국주택학회 14 (14): 39-63, 2006

6 서승환, "부동산 가격 행태 변화의 실증적 분석" 8 : 5-25, 2000

7 안영호, "강남과 서초지역 재건축 아파트 가격결정요인 비교 분석 - 패널모형중심으로 -" 한국지역개발학회 20 (20): 89-105, 2008

8 Stiglitz,J.E, "Some Aspects of the Taxation of Capital Gains" 21 : 257-294, 1983

9 Greene,W.H, "Econometric Analysis" Prentice Hall 2003

10 Rock,S, "Analyst Following and Count-data Econometrics" 30 : 351-373, 2001

11 Newey,W, "A Simple Positive Semi-Definite,Heteroscedasticity and Autocorrelation Consistent Covariance Matrix" 55 : 703-708, 1987