By Kim Jae-won
Staff Reporter

The number of minors subject to comprehensive real estate taxes rose above the 400 mark last year as a growing number of parents gave property to their children, the nation's tax agency said Monday.

According to the National Tax Service (NTS), 434 minors, who were under 19, had 1.2 billion won worth of special real estate taxes levied on them in 2008. The tax was introduced during former President Roh Moo-hyun's administration to curb real estate prices and remove tax loopholes for the rich.

Currently, those who own houses worth 600 million won or over, or land worth 500 million won or more are subject to the tax. For those who have only one house, the owner is subject to the tax if the house is worth 900 million won or more.

Among the minors, there were 329 males, more than three times their 105 female counterparts, which suggests that Koreans still prefer sons to daughters as their heirs.

According to the NTS, male offspring accounted for 67.9 percent of the total in 2008, receiving property valued at 8.8 trillion won, compared with 4 trillion won given to their female counterparts.

Of the 434, 356 had taxes imposed on land holdings, while 78 had them imposed on houses.

Most of the assets were given to them by their parents.

The number of minors receiving presents worth 500 million won or more from their parents reached 274 last year. Among them, 20 received more than 5 billion won in windfall gains, the NTS said in a statement released last week.

Of those in their 20s, 2,693 taxpayers became subject to the comprehensive real estate tax.

The number of people subject to the tax totaled 398,000 last year, with an estimated taxation of 1.9 trillion won.

Around 284,800 households with a home worth more than 600 million won were subject to the tax in 2008. The figure, however, dropped to 68,000 last year, or 76 percent less than the previous year, upon falling housing prices and tax revisions. The government now gives 300 million won in total tax deductions to those who own only one house. Those who have a house valuing more than 900 million won are subject to the tax.

shosta@koreatimes.co.kr