Property Tax Calculator
Enter your home's published price to compute Korean property tax with the 60% fair-market ratio, progressive brackets, and surcharges.
From the Ministry of Land's published housing price. Tax base = published price × 60%.
Total annual tax
924,000KRW
Single-home reduced rate applied
- Tax base
- 300,000,000KRW×60%
- Applied rate
- 0.20%
- Property tax
- 420,000KRW
- Urban surcharge
- 420,000KRW0.14%
- Education surtax
- 84,000KRW×20%
- Single-home reduced rate 0.20%
- Urban surcharge 0.14% applied
What is property tax?
Property tax is a local tax levied on real estate held as of June 1 each year. Bills go out in two installments (July and September) for residential property. The tax base is the published price × 60% fair-market ratio. Standard progressive rates run from 0.10% to 0.40% across four brackets. Single-home households with a published price under 900M KRW qualify for reduced rates 0.05% lower at each tier. An urban surcharge (0.14% of the tax base) and a 20% education surtax (on the property tax) are added on top.
Housing rate brackets
Standard rates (multi-home or premium)
| Tax base | Rate | Progressive deduction |
|---|---|---|
| Base ≤ 60M | 0.10% | — |
| Base 60–150M | 0.15% | 30,000 KRW |
| Base 150–300M | 0.25% | 180,000 KRW |
| Base > 300M | 0.40% | 630,000 KRW |
Single-home reduced rates (≤ 900M)
| Tax base | Rate | Progressive deduction |
|---|---|---|
| Base ≤ 60M | 0.05% | — |
| Base 60–150M | 0.10% | 30,000 KRW |
| Base 150–300M | 0.20% | 180,000 KRW |
| Base > 300M | 0.35% | 630,000 KRW |
Frequently asked questions
- When is property tax due?
- June 1 owners receive bills, and residential tax is split between July (50%) and September (50%). Bills under 200,000 KRW are billed in July only. Confirm at Wetax (wetax.go.kr).
- What is the fair-market ratio?
- It scales the published price down to compute the tax base. The government adjusts it to track market conditions. As of 2024 it is 60% for residential (a temporary reduction). Other property types use 70%, but this calculator covers housing only.
- How is single-home household defined?
- Total holdings of you, your spouse, and direct relatives must equal one home. Temporary 2-home cases (e.g., relocation) qualify under specific rules. Confirm with your local district office for edge cases.
- Is there a year-on-year cap?
- Yes — annual increases are capped at 105/110/130% depending on the published price. This calculator does not model the cap, so the bill may be lower than the calculator output in fast-rising markets.
Reference only. Covers the basic residential property tax formula. Other building types, land, premium-housing surcharge (4%), the year-on-year cap, single-home edge cases (temporary 2-home etc.), and auto-payment discounts are not modeled. Confirm the actual amount on Wetax or your local district office.