# Property Tax Calculator

> Calculate property tax, local education tax, and urban area tax for housing, buildings, and land. Reflects 2026 latest rates and single-home household special rates.

## What is Property Tax?

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.

## How to Use the Property Tax Calculator

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.

## Property Tax Calculation Formula

■ 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)

## Property Tax Savings Tips and Important Notes

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.

## Frequently Asked Questions

### Q. What is the difference between property tax and Comprehensive Real Estate Tax?

Property tax is a local tax levied by municipal governments on all property owners — housing is paid in July and September, buildings in July, and land in September. The Comprehensive Real Estate Tax (CRET), on the other hand, is a national tax that applies only when a person's combined housing assessed values exceed the basic deduction (KRW 1.2 billion for single-home households, KRW 900 million for others), payable in December. To prevent double taxation, the property tax already paid is credited against the CRET liability, meaning you effectively pay the higher of the two rather than both in full.

### Q. What benefits does the single-home household special rate provide?

Under this temporary provision effective from 2024 through 2026, the fair market value ratio drops from the standard 60% to 43–45% (varying by assessed value bracket), and tax rates are also reduced. For example, a home with an assessed value of KRW 500 million would owe approximately KRW 660,000 under standard rates but only about KRW 340,000 with the special rate — a savings of roughly 48%. The provision applies automatically to households where all members collectively own only one home in Korea, with no separate application required.

### Q. When is property tax due?

Housing property tax is split between July (16th–31st) and September (16th–30th), with half due each period. However, if the total tax is KRW 200,000 or less, the entire amount is due in July. Building property tax is paid in full in July, while land property tax is due in September. Late payment incurs a 3% surcharge, and continued delinquency adds a monthly additional charge of 0.75%.

### Q. What is the Fair Market Value Ratio?

The Fair Market Value Ratio (공정시장가액비율) is the percentage applied to the standard market value (assessed price) to determine the tax base. It is set at 60% for housing, and 70% for both buildings and land. The resulting amount becomes the tax base to which tax rates are applied. Under the single-home household special provision, a lower ratio of 43–45% applies depending on the assessed value bracket, significantly reducing the tax burden. The government may adjust this ratio based on real estate market conditions.

### Q. What is the Urban Area Tax?

The Urban Area Tax (도시지역분) is an additional tax of 0.14% applied to the tax base of properties located within urban areas as designated under the National Land Planning and Utilization Act. It serves as a special-purpose tax to fund urban planning projects and is billed together with property tax. Properties outside designated urban areas — such as those in rural regions or management zones — are not subject to this surcharge. You can verify your property's zoning designation through your local government's urban planning department.