Effects on Housing Price and Private Consumption by Changing in Comprehensive Real Estate Holding Tax

The comprehensive real estate holding tax is more likely to increase as part of regulatory measures for the overheating real estate market. This study aims to discuss the policy directions related to the comprehensive real estate holding tax designed to stabilize the real estate market by analyzing the influences and economic impact of improved comprehensive real estate holding tax on the real estate market through macroeconomic approaches such as the dynamic general equilibrium theoretical model and the SVAR empirical model. Consequently, the theoretical model and empirical study suggested that while a rise in the comprehensive real estate holding tax could stabilize the housing market by reducing the housing price, it might exert a negative effect on the economy. Therefore, if it has to be revamped, careful decision-making is required while considering the housing market and the current economy.