If you are a household that has given birth to a newborn baby, let’s look at the neonatal acquisition tax reduction, which is a 100% reduction in real estate acquisition tax up to a limit of 5 million won. If you are expecting a baby in 2024, this information will be helpful, so please check it out and receive the benefits.
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Summary of the 2024 Newborn Acquisition Tax Reduction
It is also good to look at various parenting policies that will be expanded in 2024.
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Find out about parental leave benefits to be raised in 2024
Find out about the extended period of parental leave in 2024
Table of Contents 
a reduction in neonatal acquisition tax
Newborn baby acquisition tax reduction targets
Precautions for the reduction of acquisition tax for newborns
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a reduction in neonatal acquisition tax
Let’s take a look at the neonatal acquisition tax reduction.
As a measure to encourage childbirth, the government will implement a tax support system that will reduce real estate acquisition tax by 100% from 5 million won for the first time for newborn baby-birth households for two years from January 1, 2024 to December 31, 2025.
a reduction in neonatal acquisition tax
Period January 1, 2024 to December 31, 2025
100% reduction in content acquisition tax
5 million won limit
Acquisition tax is a tax incurred when acquiring real estate, and an acquisition tax of 1 to 12% is levied depending on the number of houses, area, and amount. Please find out the acquisition tax of the real estate you are planning to purchase in advance and plan.
a real estate acquisition tax calculator
In general, the real estate acquisition tax for those eligible for the neonatal acquisition tax reduction is 1.1%, and if you buy a house less than 450 million won, you can receive 100% of the acquisition tax reduction.
Newborn baby acquisition tax reduction targets
Let’s take a look at the targets for the neonatal acquisition tax reduction.
If you meet the following, you can receive up to 5 million won in acquisition tax reduction for newborns.
1. Households giving birth to newborn babies from January 1, 2024 to December 31, 2025
2. You must be a resident of one household at the time of acquiring the house.
3. a house purchased for the purpose of raising children
4. Where a house purchased within five years of childbirth or a childbirth within one year of acquisition of a house
Precautions for the reduction of acquisition tax for newborns
Let’s find out what to watch out for for the reduction of newborn acquisition tax.
1. Acquisition declaration and payment must be made within 60 days from the balance date.
2. This is also the case if you have given birth within one year from the date of acquisition.
3. It is also recognized that it becomes one house for one household within three months from the date of acquisition of the house.
So far, we’ve learned about how to apply for a reduction in real estate acquisition tax for newborn babies in 2024, how to apply, and what to watch out for. If you’re planning to give birth after 2024, we hope you’ll find out and benefit from the various parenting policies that will expand from 2024 as well as the reduction in neonatal acquisition tax. I hope this helped you. Thank you.