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 × the fair market value ratio: 43-45% for single-home households (by price band), 60% otherwise.
Total annual tax
620,000KRW
Single-home reduced rate applied
- Tax base
- 220,000,000KRW×44%
- Applied rate
- 0.20%
- Property tax
- 260,000KRW
- Urban surcharge
- 308,000KRW0.14%
- Education surtax
- 52,000KRW×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.
Worked examples
KRW 500M published price, 1-home special ratio (44%) + urban area tax
Assume: published price KRW 500M, 1-household 1-home owner (eligible for the special ratio, in the 300M-600M band at 44%), urban area tax included. ① Taxable base = 500M × 44% (1-home special fair-market ratio) = KRW 220M ② 1-home special rate applies — the KRW 150M-300M band at 0.2% (progressive deduction KRW 180K) → property tax = 220M×0.2%−180K = KRW 260K ③ Urban area tax = 220M × 0.14% = KRW 308K ④ Local education tax (20% of property tax) = KRW 52K ⑤ Total due = 260K + 308K + 52K = KRW 620K
KRW 1.2B published price, multi-home owner (standard 60% ratio)
Assume: published price KRW 1.2B, multi-home owner (no 1-home special ratio, so the standard 60% fair-market ratio applies; no urban area tax). ① Taxable base = 1.2B × 60% = KRW 720M ② Standard rate applies — over-KRW-300M band at 0.4% (progressive deduction KRW 630K) → property tax = 720M×0.4%−630K = KRW 2.25M ③ Local education tax (20%) = KRW 450K ④ Total due = 2.25M + 450K = KRW 2.7M The published price is only 2.4x higher (500M → 1.2B), but with both the 1-home ratio benefit (44% vs 60%) and the rate bracket compounding, the base property tax ends up about 8.7x higher (260K → 2.25M) — 1-home status helps at both the fair-market-ratio stage and the rate-bracket stage.
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?
- It's billed to whoever owns the property as of June 1, with the housing portion split between July (1st half) and September (2nd half). If the total is KRW 200K or less, it's billed all at once in July. Land is billed in September; buildings, ships, and aircraft in July. Check and pay via Wetax (wetax.go.kr).
- What is the fair-market ratio?
- It's the percentage applied to the published price to get the taxable base. The government adjusts this periodically based on real estate market conditions — currently 60% for housing (a temporary reduction). Land and buildings use a separate 70% ratio, but this calculator covers housing only.
- How is 1-household 1-home status determined?
- It's based on the total homes owned by you, your spouse, and lineal ascendants/descendants combined — if that total is 1, you qualify. Homes co-owned by spouses or unmarried children are aggregated, and unless formally registered as separate households, everyone is grouped as one household. Temporary 2-home status (e.g., during a move) can still qualify under certain conditions. Confirm your exact status with your local city/county/district office.
- Is there a year-on-year tax burden cap?
- Yes. Even if the published price jumps sharply, a burden cap limits how much property tax can rise year-over-year (105% for published prices under KRW 300M, 110% for 300M-600M, 130% above 600M). This calculator doesn't model the cap, so actual bills may differ.
- Where can I find the official published price?
- MOLIT's Real Estate Price Notification site (realtyprice.kr) publishes apartment published prices every April. This calculator requires you to enter it manually, so look it up there first.
- Does property tax have tax credits like comprehensive property tax does?
- No. Property tax itself has no age- or holding-period-based tax credit system like comprehensive property tax does. However, 1-household 1-home owners (published price ≤ KRW 900M) already get a special rate roughly half the standard rate, built in without any separate application.
- Do I pay both property tax and comprehensive property tax?
- If your total published price exceeds the comprehensive tax threshold (KRW 1.2B for 1-household 1-home, KRW 900M otherwise), you pay both separately. However, there's an adjustment mechanism that credits part of what you paid in property tax against comprehensive tax to avoid double taxation (not modeled in this calculator).
- Is the urban area tax charged everywhere?
- No. It only applies to properties in designated urban areas (residential/commercial/industrial zones within an urban planning zone). Homes in non-urban zones (e.g., agricultural/forestry areas) aren't charged this — confirm your property's zoning before checking the 'include urban area tax' option here.
Official Sources
Always verify with the official sources below