Tag: property tax

property tax

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An apartment complex undergoing redevelopment in Seocho District, western Seoul on July 23

President hints at higher property tax for 'investment' homes in housing forum

President Lee Jae Myung said that a policy designed to benefit households that own only one home created a loophole, further driving speculation.

2026.7.23

Apartment complexes are seen near the Han River on March 8. [YONHAP]

Owners of multiple homes must file sales permits by May 9 to avoid higher taxes: Finance Ministry

The government will exempt owners of multiple homes from higher capital gains taxes should they file for sales permits by May 9, the Ministry of Finance and Economy said Thursday.

2026.4.9

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Finance Minister Koo Yoon-cheol, center, speaks during a press briefing at the government complex in Seoul on Oct. 15. [YONHAP]

Govt' to 'rationalize' property tax system: finance minister

Finance Minister Koo Yoon-cheol said Wednesday the government will soon propose a comprehensive plan to "rationalize" the real estate taxation system, amid rapidly rising housing prices in the wider Seoul area.

2025.10.15

View of apartrment in Seoul from Mount Namsan on Sunday. As the government assessed value rose, tax burden have increased, increasing the number of people asking for paying property taxes in installment. [YONHAP]

Property owners are feeling the tax pinch

According to People Power Party (PPP) lawmaker Kim Sang-hoon on Monday, the number of people asking to pay property taxes in installments in Seoul last year amounted to 1,478 -- six times larger than the 247 requests made in 2019.

2021.5.24

Drastic shift needed for housing

June 1 is the basis for levies of our property tax and comprehensive real estate holding tax. Any property owner by that date is liable to annual tax. The ruling Democratic Party (DP) has placed Rep. Kim Jin-pyo in charge of...

2021.5.17

Fix the property tax

Many could be dumbfounded when they receive the bill on property tax this year. According to a property ownership tax estimate for this year by the National Assembly Budget Office, the government can expect to collect up to 6.1...

2021.5.5

Property summit

Heads of five local governments meet to discuss the issue of government assessed values of real estate, from which property taxes are calculated, at Seoul City Hall on Sunday. The central government increased the assessed values steeply...

2021.4.18

'Fair economy' gets real as property assessments lifted

The government-assessed value of standalone houses in Seoul will increase 10.13 percent next year, higher than this year’s increase of 6.82 percent from 2019. The average increase for the nation is 6.68 percent.

2020.12.21

A view of apartments in Gangnam District, southern Seoul, on Nov. 19. [YONHAP]

Property owners get big tax shock

A 66-year-old man who lives in Mok-dong of Yangcheon District, western Seoul, was shocked recently after checking his comprehensive real estate tax bill. It was up sevenfold from the previous year.

2020.11.24

Eunma Apartment Complex in Daechi-dong of Gangnam District, southern Seoul, will likely initiate its planned redevelopment project under tightened real estate measures. [NEWS1]

Property taxes up by maximum for 580,000 in Seoul

Property taxes increased the maximum 30 percent this year for 580,000 households in Seoul.

2020.7.21