Annual property holding tax
Two yearly taxes on owning a home in Korea: property tax for everyone, and comprehensive real estate tax only when assessed value exceeds the deduction (1.2B for a single home).
How it works
Property tax: assessed value × fair-market ratio (43–45% single home, 60% otherwise) = base. Single homes under 900M get special rates of 0.05–0.35%; others 0.1–0.4%. Urban surtax 0.14% and education tax 20% are added. Paid in July and September.
Comprehensive tax: (total assessed value − deduction of 1.2B single / 900M otherwise) × 60% = base. Rates 0.5–2.7% (up to 2 homes) or 0.5–5.0% (3+ in regulated areas). Overlapping property tax is credited; rural surtax adds 20%. Paid in December.
Assumptions
- 2026 fair-market ratios assumed same as 2025
- Multiple homes treated as one lump for property tax (actual is per property)
- Tax-increase caps and senior/long-holding credits not applied
- Joint-ownership special rules not modeled
FAQ
Do foreigners pay these taxes?
Yes, identically to Koreans. Assessed values are published each spring at realtyprice.kr.