Home acquisition tax (취득세)
Everything you owe at closing when buying a home in Korea: acquisition tax plus its two surtaxes. The rate is 1% up to KRW 600M, 3% above 900M, and slides between.
How it works
For a first home (or a second home outside a regulated area) the rate is 1% up to KRW 600M, 3% above 900M, and between them (price × 2/300M − 3)% — a KRW 700M home pays 1.67%.
A second home in a regulated area or a third home elsewhere pays 8%; a third home in a regulated area or any fourth home pays 12%.
Local education tax is 10% of the standard rate (0.4% under heavy rates). Rural special tax of 0.2% (0.6% or 1.0% under heavy rates) applies only to homes over 85㎡.
Assumptions
- Purchase by sale only (gifts and inheritance excluded)
- First-time-buyer and newlywed reductions not applied
- Current heavy-rate rules applied; proposed relief not yet enacted as of Sep 2026
- Temporary two-home exceptions not modeled
FAQ
Can foreigners buy property in Korea?
Yes, with a report to the local government under the Foreigner's Land Acquisition Act. Tax rates are the same as for Koreans.
When is it due?
Within 60 days of the acquisition date (usually the final payment date).