임대주택리츠 주거안정성 확보방안: 종합부동산세 합산배제를 중심으로

Purpose: The purpose of this study is to examine the necessity of Exclusion from Comprehensive Real Estate Tax Calculation for Rental Housing REITs to ensure residential stability and estimate the expected effects. Rental Housing REITs are financially sound entities with public interest and transparency, distinct from spec-ulative corporate investors. By utilizing Rental Housing REITs, it becomes possible to maintain long-term rental housing operations under government-regulated procedures, thereby ensuring the residential stability of tenants. Furthermore, Rental Housing REITs can contribute to transforming speculative real estate markets caused by population growth and household increases into a stable investment market, promoting price stability. Additionally, Rental Housing REITs provide investment opportunities to small investors who face difficulties accessing real estate, offering indirect real estate investment opportunities to the general public. Despite supporting the government’s housing supply and residential stability policies, Rental Housing REITs encounter obstacles to expansion due to comprehensive real estate tax burdens. Methods: Accordingly, this study seeks to explore measures to improve the residential stability of tenants by establishing a new regulation that recognizes Rental Housing REITs as eligible for Exclusion from Comprehensive Real Estate Tax Calculation. Results: This study identifies the need for Exclusion from Comprehensive Real Estate Tax Calculation to ensure the residential stability of Rental Housing REITs and explores strategies to address these challenges. First, by implementing Exclusion from Comprehensive Real Estate Tax Calculation for construction-type Rental Housing REITs, the potential for paying real estate taxes due to property value increases during the construction period can be reduced, thereby encouraging the growth of construction-type Rental Housing REITs. Second, Exclusion from Comprehensive Real Estate Tax Calculation can facilitate the supply of various sizes of residential properties, preventing the issue of low-priced, small-sized units being the only ones included in Rental Housing REITs. Third, Exclusion from Comprehensive Real Estate Tax Calculation can enhance opportunities to supply rental housing in preferred areas (such as Seoul or urban centers). Conclusion: To reduce the burden of Exclusion from Comprehensive Real Estate Tax Calculation on Rental Housing REITs, this study proposes the following measures: first, the inclusion of publicly funded private rental REITs, formed through housing finance fund contributions, as eligible for Exclusion from Comprehensive Real Estate Tax Calculation. Second, it is suggested that the threshold for public property valuation used for Exclusion from Comprehensive Real Estate Tax Calculation be raised. These measures are expected to improve the residential stability of tenants.