Property Tax Calculator

Property tax (재산세) is a local tax levied annually on the actual owner of taxable property — including land, buildings, housing, ships, and aircraft — as of June 1 (the assessment reference date) each year. Governed by Article 104 of the Local Tax Act, it is assessed and collected by the municipal (si/gun/gu) local government. As the most representative holding tax in Korea, property tax is charged simply for owning real estate, distinguishing it from the one-time acquisition tax paid at the time of purchase. Taxable property is broadly categorized into three types: housing, buildings, and land. Housing is assessed as a combined unit including both the structure and its associated land. Buildings refer to non-residential structures such as offices, commercial properties, and factories. Land is taxed under three different schemes — aggregate taxation, separate taxation, and segregated taxation — with varying rates depending on the land's purpose and use. Payment schedules differ by property type. For housing, the tax is split into two installments: half in July and the remaining half in September (if the total tax is KRW 200,000 or less, the entire amount is paid in July). Building tax is paid in July, while land tax is due in September. Property tax is calculated by applying the applicable tax rate to the tax base, which is determined by multiplying the standard market value (officially assessed price) by the fair market value ratio. From 2024 through 2026, a temporary special provision reduces the tax burden for single-home households by lowering both the fair market value ratio (to 43–45%, compared to the standard 60%) and the applicable tax rates. This significant relief makes it essential for qualifying homeowners to verify their eligibility.

Step 1: Select the property type. The 'Housing' tab covers residential buildings such as apartments, multi-family dwellings, and detached houses along with their associated land. The 'Building' tab is for non-residential structures including commercial buildings, offices, and factories. The 'Land' tab applies to vacant land, farmland, forest land, and similar properties. Step 2: Enter the property value. For housing, input the officially assessed value (공시가격), which can be checked on the Ministry of Land's Real Estate Price Portal (realtyprice.kr). For buildings, enter the standard market value (시가표준액). For land, enter the amount calculated by multiplying the individually assessed land price by the area. Step 3: For housing, select whether you qualify as a single-home household. If all members of your household collectively own only one home in Korea, the special reduced rate and lower fair market value ratio apply, resulting in significantly lower taxes. For the Building tab, select the building type (general or golf course/luxury entertainment). For the Land tab, choose the land category (aggregate, separate, or segregated taxation) and the specific subtype. Step 4: Use the 'Urban area' checkbox to indicate whether urban area tax applies. Properties located within urban areas as defined by the National Land Planning and Utilization Act are subject to an additional 0.14% urban area surcharge on the tax base. Step 5: Review your results. The breakdown shows the property tax, local education tax (20% of property tax), and urban area tax (if applicable) as separate line items. For housing, the July/September payment split is also displayed, along with a chart showing the tax composition.

■ Tax Base Calculation Tax Base = Standard Market Value (Assessed Price) × Fair Market Value Ratio Fair Market Value Ratios: - Housing (general): 60% - Housing (single-home household special): 43% for assessed value ≤ KRW 300M, 44% for 300M–600M, 45% for > 600M - Buildings: 70% - Land: 70% ■ Housing Tax Rates (Local Tax Act Article 111) Tax base ≤ KRW 60M: 0.1% KRW 60M–150M: KRW 60,000 + 0.15% of amount exceeding 60M KRW 150M–300M: KRW 195,000 + 0.25% of amount exceeding 150M Over KRW 300M: KRW 570,000 + 0.4% of amount exceeding 300M ■ Single-Home Household Special Rates (2024–2026) Tax base ≤ KRW 60M: 0.05% KRW 60M–150M: KRW 30,000 + 0.1% of amount exceeding 60M KRW 150M–300M: KRW 120,000 + 0.2% of amount exceeding 150M Over KRW 300M: KRW 420,000 + 0.35% of amount exceeding 300M ■ Building Tax Rates General buildings: 0.25% Golf courses / luxury entertainment: 4% ■ Land Tax Rates Aggregate: ≤ KRW 50M at 0.2%, 50M–100M at 0.3%, > 100M at 0.5% Separate: ≤ KRW 200M at 0.2%, 200M–1B at 0.3%, > 1B at 0.4% Segregated: Farmland 0.07%, Golf courses 4%, Other 0.2% ■ Surtaxes Local Education Tax = Property Tax × 20% Urban Area Tax = Tax Base × 0.14% (only for properties in urban areas)

First, check if you qualify for the single-home household special provision. From 2024 through 2026, qualifying single-home households benefit from reduced fair market value ratios (43–45% instead of 60%) and lower tax rates. This can result in 40–50% tax savings compared to standard rates, so it is essential to verify your eligibility. Second, the property owner as of June 1 (the assessment reference date) is responsible for that year's property tax. When buying or selling property, the acquisition date is the earlier of the balance payment date or the registration transfer date. If you are transacting near June 1, clarify who will bear the property tax. Third, take advantage of the tax burden cap system. Even if assessed values surge, property tax cannot increase beyond a certain percentage of the previous year's tax (105% for assessed values ≤ KRW 300M, 110% for 300M–600M, 130% for > 600M). This system applies automatically without any application required. Fourth, housing property tax is paid in two installments — July and September. If the total tax is KRW 200,000 or less, the full amount is billed in July. Check with your local government for payment benefits such as interest-free credit card installments or automatic transfer discounts. Fifth, review potential property tax exemptions and reductions. National merit recipients, persons with disabilities, and basic livelihood security recipients may qualify for reductions. Registered rental housing and cultural heritage buildings may also be eligible. Sixth, property tax and Comprehensive Real Estate Tax are separate obligations. Property tax is a local tax applied to all property owners, while the Comprehensive Real Estate Tax is a national tax that applies only when combined assessed values exceed the basic deduction threshold. Property tax already paid is credited against the Comprehensive Real Estate Tax liability. Seventh, if you disagree with your property's assessed value, you can file an objection within the approximately 30-day objection period following the official announcement. Since a lower assessed value directly reduces your property tax, consider filing an objection if your property's assessed value appears disproportionately high compared to similar properties.