주택 취득세 세율 변화가 주택시장 및 지방정부 세입에 미치는 영향

주택 취득세율 변화가 주택시장과 지방정부 세입에 미치는 영향을 분석했다.

The change in the housing acquisition tax rate is an important economic factor for home buyers' decision making when buying a house. The government has intervened in the housing market using the housing acquisition tax rate as a policy measure. Since 2011, the government has promoted the activation of the housing market through the temporary reduction of the acquisition tax rate, and the policy of lowering the acquisition tax rate has caused the problem of increasing the uncertainty of the housing market. Therefore, in August 2013, the government permanently reduced the housing acquisition tax rate to establish a stable acquisition tax rate operating system.

The central government and local government have different views on the effects of reduction of the housing acquisition tax rate. The central government regarded the lowering of housing acquisition tax rate as having the effect of promoting housing transactions, and it believed that when the volume of transaction increases due to the lowering of the acquisition tax rate, reduction of local government revenues will become insignificant. On the other hand, local governments regarded the lowering of housing acquisition tax rate would not contribute to the increase of the housing transaction volume but would only reduce local government revenues.

Especially, the participants of the housing market would adjust the timing of the housing transaction because of the reduction of the temporary acquisition tax rate, so that a phenomenon of trading cliff would occur in the housing market and the volatility of the housing market would increase due to the uncertainty of the government tax policy. Hence, an attempt was made in this research to analyze the effect that the change in housing acquisition tax rate has on housing market and local government revenues. First, we analyzed the effect of the government's acquisition tax rate reduction policy on housing transactions and local government revenues.

Also, efforts were made to check a transaction pulling phenomenon or time notch in the housing market caused by a temporary reduction of housing acquisition tax rate as well as a transaction price adjustment phenomenon in the section of differential tax rate caused by a permanent acquisition rate reduction. As a result of the analysis in this research, the lowering of housing acquisition tax rate turned out to have the effect of slightly increasing the volume of housing transaction.

Although local government revenues are reduced slightly due to the lowering of housing acquisition tax rate, we were able to ascertain the width of revenue change varying depending on the importance of the target objects of local acquisition tax since it consists of diverse matters other than housing. As a result of identification of the transaction pulling phenomenon caused by the lowering of temporary housing acquisition rate, it was confirmed that the transaction pulling phenomenon was limited to certain areas rather than a national phenomenon.

When the price adjustment phenomenon for minimizing tax burden caused by the permanent reduction of acquisition rate since August 2013 was checked in the new section of differential tax rate, it became possible to identify the occurrence of a price adjustment phenomenon in the section of 600 million won differential tax rate nationally. This research differs from the previous research in the following points.

First, the difference lies in that whereas the preceding researches were carried out with an emphasis on the temporary acquisition tax rate reduction of August 2013 or before, this research analyzed the effect of the temporary acquisition tax rate reduction of August 2013 or before as well as the effect of housing acquisition tax rate reduction of August 2013 and thereafter.

Second, there is a difference of this research from preceding ones in that, whereas preceding researches have reported that transaction is reduced by 2% when transaction tax is raised temporarily, this research proved empirically that, when transaction tax is temporarily lowered, there is an effect of approximately 0.3% transaction increase and when transaction tax is lowered permanently, there is an effect of approximately 0.5% transaction increase.

Third, there is a difference of this research from preceding ones in that, whereas preceding researches have presented theoretically that transaction time adjustment can occur at time notch and transaction price adjustment can occur at price notch, this research has identified empirically that time adjustment and price adjustment are not nationwide phenomena but phenomena that can occur differently depending on specific situations of local markets. This study has the following implications.

First, although the lowering of housing acquisition tax rate is an important tax policy that affects housing market, a temporary reduction policy of acquisition tax rate should be reconsidered as it results in reduction of local government revenues and distorts markets through minimizing behavior of tax burden of the market participants. Second, although as a transaction tax the rate of acquisition tax is generally operated as a single tax rate system, it is more desirable to switch to a single proportional tax rate since it can distort housing market as a differential tax rate system is applied only to housing.

Third, although the housing market was stagnant when housing acquisition tax rate was lowered in 2013, at present the housing market is revitalized. Furthermore, when it is taken into consideration that acquisition tax rate is about 4% for all fields other than housing, it is more desirable to normalize the level of housing acquisition tax rate to 2% or higher in consideration of equity with other things. Contributions of This Research. Contributions of this research lies in that it has analyzed the effect that the change in housing acquisition tax rate has on housing market and local government revenues. Also, wi