Analysis of the Effect of the Property Tax of South Korea and Other Main Countries

Abstract

The purpose of this paper is to analyze effects of South Korea's property tax of comparison to Japan, the United States (New York State) and Great Britain. We compared the property tax system of South Korea with that of other countries and made an option model taking into account each country's Property Tax System in order to analyze the effects of property tax in each country. The property tax of the United States (New York State) and the council tax of Great Britain are relatively neutral to the property market. South Korea's property tax is similar to that of Japan and is neutral, in comparison to Japan. However, South Korea's property tax has unique characteristics such as progressive taxation and these characteristics suffocate property investment.