🏛 South Korea Property Tax Calculator (Housing)
Estimate this year’s property tax on a Korean home from its official assessed price, split into the July and September bills. Assessment date: 1 June.
How to use
Enter this year’s official price of the home from the government price notice site (realtyprice.kr — the apartment price is the “gongdong jutaek gagyeok”, a detached house the “gaebyeol jutaek gagyeok”) and choose whether you are a one-home household. The fair market value ratio fills in automatically from the price and household status; if the government changes it, edit the box and recalculate.
What is property tax in Korea? (assessed on 1 June)
Property tax (jaesanse, 재산세) is an annual local tax on land, buildings and homes in South Korea, paid by foreign and Korean owners alike. Whoever owns the home on 1 June pays the whole year’s tax. If the balance payment happens on or before 1 June, the buyer pays this year’s tax; from 2 June, the seller does. That is why buyers and sellers often negotiate the closing date around 1 June.
Housing property tax is billed in two halves: July 16–31 and September 16–30. If the annual property tax is ₩200,000 or less, the city may bill it all in July. Owners living abroad should register a domestic tax agent or use Wetax e-billing so the notices are not missed — late payment adds a penalty.
How it is calculated
Tax base = official price × fair market value ratioProperty tax = tax base × progressive rate(table below)Urban area levy = tax base × 0.14%(homes inside urban planning zones)Local education tax = property tax × 20%
Fair market value ratio (2026)
Standard (multi-home owners etc.) 60%. For a one-home household: 43% up to ₩300M of official price, 44% for ₩300M–₩600M and 45% above ₩600M. The Ministry of the Interior kept last year’s ratios for 2026; they are set each year by decree, so edit the box if they change.
Korean housing property tax rates
| Tax base | Standard rate | One-home special rate (official price ≤ ₩900M) |
|---|---|---|
| Up to ₩60M | 0.1% | 0.05% |
| ₩60M – ₩150M | ₩60K + 0.15% of excess | ₩30K + 0.1% of excess |
| ₩150M – ₩300M | ₩195K + 0.25% of excess | ₩120K + 0.2% of excess |
| Over ₩300M | ₩570K + 0.4% of excess | ₩420K + 0.35% of excess |
Example: one-home household, official price ₩500M → tax base ₩220M (44%) → property tax ₩120K + ₩70M × 0.2% = ₩260K, urban levy ₩308K, education tax ₩52K, total ₩620K a year (about US$450 at ₩1,380/$).
Property tax vs. comprehensive real estate tax
Property tax is a local tax that every home owner pays. The comprehensive real estate holding tax (jongbuse) is a separate national tax billed in December only when your total official prices exceed a threshold (₩1.2B for a one-home household, ₩900M otherwise). Official prices are usually 60–70% of market value, so many expats’ apartments never reach it.
Renting the home out?
Property tax is the owner’s cost regardless of who lives there. Rental income (monthly rent, and in some cases large jeonse deposits) is reported separately in the May income tax return.
This estimate excludes the regional resource and facility tax (fire levy), the annual tax increase cap (105–130% of last year), the tax-base cap and reliefs. The one-home special rate is announced as temporary through the end of 2026, so check whether it is extended. Your actual bill may differ.
This calculator is for estimates only and is not tax advice. Your actual tax depends on how and when you acquire or hold the property, exemptions you qualify for and local ordinances. Confirm with Wetax (wetax.go.kr), the tax office of your city/district (si·gun·gu), or a Korean tax accountant (세무사, semusa).