The government is providing various policy support to raise the fertility rate. Recently, the government has strengthened its childbirth promotion policy with the will to provide more benefits to newborn baby-birth households. As one of the benefits of newborn baby-birth households, it offered a benefit of exempting up to 5 million won from housing acquisition tax when purchasing a house. Let’s learn more about the targets of application for acquisition tax reduction and how to apply.
Newborn Childbirth Household Acquisition Tax Reduction
Newborn Childbirth Household Housing Acquisition Tax Reduction Benefit
As a policy to support the fertility rate, the government has expressed its willingness to provide a reduction in acquisition tax when acquiring a house. In addition to special loans for newborns, it will provide benefits of reducing acquisition tax when acquiring a house. According to the new government policy, newborn households can be completely exempted from the acquisition tax of up to 5 million won if they purchase a house through a special loan for newborns.
In addition, if you use a special loan for newborns, you can purchase a house at a low interest rate of 1%, and at the same time, you can benefit from acquisition tax, which can have the effect of one stone and two trillion won for newborn babies.
▼ What if I want to know information about the special loan for newborns?
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『 From 2024, policy loan products of 1% will be available when you have a child. You can receive low-interest loans through special loans for newborns. The special loan for newborns aims to overcome the low birth rate…
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Who is eligible for the neonatal acquisition tax reduction?
From January 1, 2024 to December 31, 2025, the housing acquisition tax reduction policy will be implemented for households with newborn babies. The acquisition tax reduction is 100% exempted within 5 million won, and is intended to reduce the cost of acquiring housing for households with childbirth and to provide a better nurturing environment. The qualifications are as follows.
·Family members who gave birth to children from January 1, 2024 to December 31, 2025 are eligible.
·It must be the case of acquiring a house for the purpose of actually living with a child with childbirth.
·This applies to the case of acquiring a house within 1 to 5 years based on the child birth date.
·There must be 1 householder per household.
In addition to the above conditions, we have made sure that many people benefit from it. Notable specialties are as follows.
·Housing that has already been acquired is also subject to the policy. However, it is subject to childbirth within one year from the date of acquisition.
·You can also receive a reduction or exemption if you give birth within 5 years of acquiring a house.
What is the reduction in the acquisition tax for newborn babies?
The housing acquisition tax reduction policy for newborn baby households is a system that exempts 100% of the acquisition tax up to 5 million won. The advantage of this policy is that there are no separate requirements related to the housing price or income. This can provide greater benefits to more households. It can be seen as a very advantageous condition in terms of reducing the burden of acquiring a house through the neonatal acquisition tax reduction system.
Date of application for acquisition tax reduction and application
The acquisition tax reduction will take effect after January 1, 2024, when the tax obligation is established, and the exact application process has not yet been disclosed. However, if it proceeds similarly to the first home acquisition tax reduction, what needs to be prepared is expected to be similar to the following.
·Copy of resident registration (extract)
·Certificate of family relations (details)
·Application form
·Contract for sale
·Report of real estate transaction contract completion certificate
·Copy of bankbook
If all the necessary documents are prepared as above, it is expected to be carried out by the competent tax office or the local tax office.
Acquisition tax calculation method and
When purchasing a house or apartment, acquisition tax is imposed depending on the price of the property. The acquisition tax may vary depending on the price of the house, and in particular, for houses less than 600 million won, the acquisition tax rate is 1% and the local education tax is 0.1%.
If you purchase a house less than 600 million won, the acquisition tax will be applied at 1.1%, which will be about 6.6 million won. In the case of households with newborn babies, the acquisition tax is exempted by 5 million won and may be reduced to 1.6 million won. If the housing price is less than 450 million won, all 5 million won will be applied as an acquisition tax exemption, so there will be no acquisition tax paid.
If the house purchase amount exceeds 600 million won, a 3% acquisition tax rate will be applied up to 600 million to 900 million won. The local education tax is also 0.3%, and the acquisition tax of 3.3%. In addition, if the dedicated area exceeds 85㎡, an additional 0.2% of the special tax on farming and fishing villages is levied, which inevitably increases the burden of acquisition tax. Nevertheless, if the 5 million won reduction in the acquisition tax for the birth of a newborn baby is applied, it is a very advantageous policy because it bears a relatively small burden of acquisition tax.
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So far, we have learned about the policy of reducing the acquisition tax for newborn babies. In addition to special loans for newborns, it was suggested as a way to improve the residential environment and the parenting environment for newlyweds. As it is a policy that can be of direct help, if those who can use this policy can actively use it, it will be of great help.