종합부동산세의 자본화효과: 중동 신도시를 사례로

The purpose of this paper is to estimate the capitalization effect of comprehensive real estate holding tax on apartment price. The case studied is Jung-Dong New Town. The facts found are summed up as follows; First, there is a vivid evidence that the tax is being capitalized on apartment price. Second, there is a strong tendency that stemming from the tax, the demand for large and high price apartments is decreasing on the one hand, and the demand for small and low price apartments is increasing on the other hand. Third, the capitalization rate of the tax shows 127%. Even though there are some points to keep in mind when interpreting these results, they imply that the tax has very powerful influence on stabilizing house price including apartments.