부동산 공시가격 현실화 정책과 주택가격대별 재산세 편차의 변화 = The Realization of Real Estate Assessed Values and Changes in Property Tax Variations by House Price Level 25

다국어 초록 (Multilingual Abstract)

With the inauguration of the new government in 2025, various discussions on the reform of the asset tax system have emerged, including arguments for the necessity of increasing real estate holding taxes. This study conducts an empirical analysis of changes in property tax variations in 2020, a period marked by the most recent comprehensive and structural attempt to increase real estate holding taxes. Specifically, it examines how the policy aimed at raising property taxes through the “Realization of Published Prices” affected property tax disparities, which serve as a measure of tax equity.
Utilizing the Difference－in－Differences (DID) methodology based on the Panel Study of Public Finance provided by the Korea Institute of Public Finance, this study analyzes the impact of the realization policy on property tax variations across housing price levels. The results indicate that following the implementation of the policy, the variation in property taxes for low－to－mid－priced housing was significantly reduced compared to high－priced housing. In other words, the policy functioned to alleviate tax burden imbalances in relatively lower price brackets, demonstrating effects consistent with the government’s stated goal of enhancing equity in assessed values relative to market prices.
These empirical findings show that while the realization policy contributed to improving horizontal equity in the low－to－mid－priced segment, it conversely increased tax disparities in the high－priced segment, thereby affecting vertical equity. This suggests that prior to the policy, published prices were calculated without sufficient consideration for balance or equity, likely due to the multi－layered and pluralistic process of real estate price assessment. Therefore, when adjusting real estate holding taxes, focus should be placed not merely on the increase or decrease itself, but on improving the balance of assessed values across properties. Furthermore, it is essential to synchronize assessment methods across different property types, such as multi－family and single－family houses. In particular, more sophisticated policy designs are required for owners of low－to－mid－priced housing who may have lower tax－paying capacity. This study distinguishes itself from existing literature by quantitatively verifying the impact of the realization policy on the property tax structure across all housing types, including single－family homes. Furthermore, while previous studies have focused on the gap between published prices and market values, this research provides more direct policy implications for the equity of the holding tax system by analyzing how the realization policy influenced property tax disparity as a key outcome variable.