South Korea’s housing-related tax burden is set to rise sharply this year as higher assessed property values push more homeowners into higher tax brackets, particularly in Seoul.
A report from the National Assembly Budget Office estimates total housing property tax revenue at about $6.6 billion in 2026, up 15.3% from roughly $5.7 billion a year earlier—an increase of about $880 million.
Property taxes consist of a general property tax and a comprehensive real estate holding tax. The general levy is projected to reach about $5.5 billion, up 13.4% from a year earlier, while the comprehensive tax is expected to jump 25.9% to about $1.1 billion, reflecting a faster rise in high-value properties subject to heavier taxation.
The increase is being driven largely by higher assessed home values. While the official value of single-family homes is expected to rise about 2.5% nationwide, apartment values are projected to increase around 9.2%. In Seoul, apartment values are expected to surge nearly 18.7%.
The higher valuations are likely to translate into larger tax bills. The average property tax per home is estimated at about $270, up roughly $30 from a year earlier. For those subject to the comprehensive real estate tax, the average payment is expected to reach about $2,500, an increase of around $500.
Officials noted the estimates are based on applying price changes to prior-year tax data, meaning actual figures could vary depending on the number of taxable properties and taxpayers.
The total tax take could exceed current projections as the number of high-value homes continues to rise. Government data show apartments valued above roughly $900,000 have surged more than 50% from a year earlier to about 487,000 units, expanding the pool of taxpayers subject to the comprehensive levy.
The trend highlights mounting tax pressure on homeowners, especially in Seoul, where rapidly rising property values are reshaping the country’s real estate tax landscape.
