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 owners of real estate (homes, land, buildings) as of June 1 each year. For homes, it is paid in two installments in July and September (50% each). Land and buildings are paid in a lump sum (buildings in July, land in September). The home property tax base is 'official assessed price × fair market value ratio'. The ratio is set annually by the Ministry of the Interior and Safety — 60% for general homes in 2026, with a preferential ratio of 43–45% for 1-household 1-home owners (official price up to KRW 900M in 2026), reducing the burden. Rates are a 4-bracket progressive structure (0.1–0.4% standard) with separate preferential rates (0.05–0.35%) for 1-household 1-home owners. Local share, Local Education Tax, and Regional Resource Facilities Tax add up, making the actual total roughly 1.3× the base tax. A burden cap limits year-over-year increases (105–130% depending on price). This calculator computes only the base tax; verify the precise amount on the July notice or via Wetax.
When is this calculator useful?
Estimating holding cost when buying
Estimate the annual property tax after purchase. Official prices are usually 60–80% of market, so simulate at about 50–70% of the purchase price.
Checking the 1-household 1-home benefit
See how much the preferential rate reduces the burden compared to the general rate (official price up to KRW 900M).
Impact of official price changes
Estimate the effect after the April price announcement. Changes are capped under the burden-cap rule (105–130%).
Multi-home holding tax review
When holding multiple homes, also review the Comprehensive Real Estate Tax (this calculator covers only property tax; comprehensive is a separate calculator).
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 |
How to read the result
The result is composed of: • Official assessed price: announced annually in April by the government. • Fair market value ratio: 43–45% for 1-household 1-home owners, 60% for general (2026). • Taxable base: official price × fair market value ratio. • Applied rate: 4-bracket progressive rate. • Property tax: taxable base × rate − progressive deduction. Total amount paid is the base plus city-area share (0.14% of base), Local Education Tax (20% of property tax), etc. — roughly 1.3× the figure shown. Year-over-year increases are capped at 105–130% under the burden-cap rule.
Things to keep in mind
- This calculator computes only the base property tax. City-area share, Local Education Tax, and Regional Resource Facilities Tax are added, making the total about 1.3× the result.
- Official assessed prices are announced annually in April and are typically 60–80% of market. Use the official price (not market) for an accurate calculation.
- The 1-household 1-home preferential rate applies when the official price is KRW 900M or less and the 1-household 1-home requirements are met. Joint ownership by spouses requires separate review.
- Under the burden cap, increases are limited to 105% (official price up to KRW 300M), 110% (300–600M), or 130% (above 600M) year-over-year.
- Non-home assets (land, buildings, ships, aircraft) use separate rates and bases. This calculator targets homes.
- Property tax is paid in July (home 1/2 + buildings + ships/aircraft) and September (home 2/2 + land).
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.
- When is property tax due?
- Home property tax is paid in two installments: 50% in July and 50% in September. If the annual amount for a 1-household 1-home owner is under KRW 200,000, the full amount is paid in July. Land is in September; buildings/ships/aircraft are in July.
- Where can I find the official assessed price?
- At the Ministry of Land's Real Estate Price Notification site (realtyprice.kr), the official price is announced annually in April. This calculator requires manual input, so look up the official price first.
- How is the 1-household 1-home status determined?
- All members of the household (per resident registration) together must own only one home. Homes owned by spouses or unmarried children are aggregated. Without recognition as a separate household, individuals are treated as one household.
- What is the burden cap?
- It prevents year-over-year increases above a fixed ratio (105% up to KRW 300M, 110% for 300–600M, 130% above 600M) even when official prices spike. This calculator does not reflect the cap.
Official Sources
Always verify with the official sources below