# A small building in Seongsu-dong, Seongdong-gu, Seoul. The standard market price of this small building was 6 billion won, but the National Tax Service's appraisal result showed it to be 32 billion won. This is about four times (433%) higher than the reported amount.
# A single-family house measuring 255㎡ in Nonhyeon-dong, Gangnam-gu, was reported at 3.7 billion won, but the National Tax Service assessed it at 14 billion won. The increase rate of the appraisal value compared to the reported amount reached 278.4%.
The National Tax Service confirmed that the taxable value increased by 87.8% as a result of appraising 75 real estate properties in the first quarter. The reported amounts of the 75 properties were 284.7 billion won, but the actual appraisal amount totaled 534.7 billion won.
Looking at the increase per transaction, small buildings showed a larger increase compared to dwellings. The increase per small building was 3.61 billion won, with an increase rate of 79.4%.
On the other hand, the increase rate of the appraisal value compared to the reported amount was higher for dwellings. The increase per dwelling was 3.01 billion won, with an increase rate of 103.7%. In particular, the increase rate of the appraisal value of single-family houses compared to the reported amount (151%) was notably higher than other types of dwellings.
In the case of high-priced luxury apartments, where there are almost no sale cases, a phenomenon of "tax inversion" was confirmed, where the reported amounts were lower than those of small and medium-sized apartments.
The reported amount of the large apartment Cheongdam Shindonga Villa (226㎡) was lower than the reported amount of the nearby Cheongdam Xi small and medium (49㎡) apartment (transaction amount of 2.1 billion won). There were also cases within the same complex where the reported amount of a larger apartment was lower.
The National Tax Service noted that it was able to correct the "tax inversion" situation, where high-priced single-family houses or large apartments that are difficult to confirm their market price were reported at the standard market price, resulting in lower taxes than small and medium-sized apartments, through its appraisal.
Meanwhile, the National Tax Service has increased this year's appraisal budget to 9.6 billion won, more than double the previous year's (4.5 billion won), and is expanding appraisals not only for existing small buildings but also for high-priced apartments and single-family houses.
After the National Tax Service expanded its appraisals, the number of cases where taxpayers voluntarily report the appraisal results has significantly increased. As of the first quarter of this year, the rate of reporting high-priced real estate, with a standard market price of over 2 billion won, at the appraisal amount was 60.6%, which is an increase of about 12 percentage points from last year (48.6%).
The National Tax Service said, "We will evaluate inherited or donated properties reported at a standard market price significantly lower than the market price to ensure that the taxpayer pays their fair share of taxes."
It also plans to regularly inspect acts of gift-splitting to avoid appraisals and to strengthen appraisals for golf courses, hotels, resorts, and art and antiques held directly or indirectly by real estate overholding corporations.