Property Tax Calculator
Tax on houses and land.
Official basis · some exemptions excludedBased on 2026 rulesSources: Local Tax Act · Wetax
The special rate applies only up to 900,000,000 KRW.
Total property tax (incl. urban area & education tax)
620,000원
2026 reference estimate. Local exemptions are not reflected; verify with Wetax or a professional.
What is property tax?
Property tax is a local tax on houses and land owned as of June 1 each year. The assessed value is multiplied by a fair market ratio to get the tax base, then a graduated rate by base bracket determines the tax.
Single-house special rate
A single-house household with an assessed value of 900,000,000 KRW or less gets a lower fair market ratio (43–45% vs. the standard 60%) and a separate lower rate schedule, reducing the tax burden.
Billing schedule (July & September)
Property tax is assessed against the owner as of June 1 each year. Housing tax is billed in two installments — half on July 16–31 (together with the full building tax) and the other half on September 16–30 (together with the full land tax).
Rate brackets (2026)
Standard rates range from 0.1% to 0.4% by tax-base bracket. An urban area tax (0.14% of base) and local education tax (20% of the property tax) are added on top.
Worked examples by assessed value
300M KRW, single-house household: tax base 129,000,000 → property tax 99,000 + urban area tax 180,600 + local education tax 19,800 = 299,400 KRW total. 1.2B KRW, general (not applicable): tax base 720,000,000 → property tax 2,250,000 + urban area tax 1,008,000 + local education tax 450,000 = 3,708,000 KRW total.
Constants used in the calculation
Fair market ratio: 60% general; 43–45% for the single-house special rate, tiered by assessed value (re-notified annually). Urban area tax: tax base × 0.14%. Local education tax: property tax × 20%. All values come from the site's internal rate data and update automatically when revised.
Fair market value ratio and the single-home special rate
The standard rate table is above. What actually separates two similar homes is the fair market value ratio that builds the tax base, and the special rate reserved for single-home households.
Single-home special rates
| Range | Formula |
|---|---|
| up to 60,000,000 KRW | excess × 0.05% |
| 60,000,000 KRW – 150,000,000 KRW | 30,000 KRW + (excess × 0.1%) |
| 150,000,000 KRW – 300,000,000 KRW | 120,000 KRW + (excess × 0.2%) |
| over 300,000,000 KRW | 420,000 KRW + (excess × 0.35%) |
The special rate applies only to single-home households with a published price of 900 million KRW or less; above that the standard rate returns.
Fair market value ratio
| Published price | Applied ratio |
|---|---|
| up to 300,000,000 KRW | 43% |
| 300,000,000 KRW – 600,000,000 KRW | 44% |
| over 600,000,000 KRW | 45% |
Homes outside the single-home exception use a flat 60%. The single-home ratios are re-announced each year.
Assessment date and payment
The assessment date is 1 June each year. Whoever is the registered owner on that date pays the full year's tax, even if the property is sold on 2 June.
Housing property tax is billed in two halves: 16–31 July and 16–30 September. If the annual amount is 200,000 KRW or less, it is billed once in July.
What counts as a single-home household
The special rate requires the whole household to own just one home. A household means those registered together, with spouses and unmarried children under 19 counted regardless of address.
Jointly-owned homes count as one home, not as fractions. Inherited homes are excluded from the count for a set period, as are qualifying low-value rural or provincial homes.
Relationship with the comprehensive real estate tax
Property tax and the comprehensive real estate tax apply to the same home but are separate levies — one local, one national. Property tax applies to every owner; the comprehensive tax only above a basic exemption.
To avoid double taxation, property tax already paid on the overlapping portion is deducted from the comprehensive tax. It is billed from 1 to 15 December.
Why the bill differs from the table
- Local education tax adds 20% of the property tax, shown as a separate line.
- An urban area surcharge may apply at 0.14% of the tax base, which municipalities may set up to 0.23% by ordinance.
- A tax burden cap can reduce the amount below the calculated figure when published prices rise sharply.
- Regional resource facility tax is a separate levy billed alongside property tax on the same notice.
Legal basis
- Housing property tax rates — Local Tax Act art. 111
- Single-home special rate — Local Tax Act art. 111-2
- Urban area surcharge — Local Tax Act art. 112(1)2
- Assessment date — Local Tax Act art. 114
- Local education tax — Local Tax Act art. 151