Overview

Property Tax in South Korea is a local tax levied annually on owners of land, buildings, housing, ships, and aircraft as of June 1. For housing, the tax base is the officially assessed price multiplied by the fair market value ratio (60%), with rates of 0.1% to 0.4%. Housing property tax is paid in two installments in July and September.

Formula

Tax Base = Assessed Price x Fair Market Value Ratio (60% for housing). Housing rates: Up to KRW 60M at 0.1%; 60M-150M at 0.15% (deduction KRW 30K); 150M-300M at 0.25% (180K); Over 300M at 0.4% (630K). Additional levies include urban area tax (0.14%) and local education tax (20%).

How to Use

1. 1Enter the officially assessed price of your property.
2. 2Select the property type (apartment, detached house, etc.).
3. 3Click Calculate to see the tax base, property tax, and additional levies (urban area tax, education tax).

Tips

• ✔The assessment date is June 1 each year; the owner on this date is the taxpayer.
• ✔Housing property tax is split into two payments: July (first half) and September (second half).
• ✔Single-home households with an assessed value of KRW 900M or less receive a 0.05%p rate discount.
• ✔Be careful not to confuse the assessed price with the market (transaction) price.
• ✔Land property tax is paid in September.

FAQ