₩10M more on the published price, ₩352,800 more in property tax
The reduced property tax rates for a one-home household apply only up to a standard market value of ₩900M. Cross that line and the whole concession disappears, so the tax jumps at once instead of ticking up.
Conditions used in the video
- Published price
- ₩900M / ₩910M
- Ownership
- one-home household
- Fair market value ratio
- 60% (statutory ratio for housing)
- Ceiling for the concession
- standard market value of ₩900M or less
- Assessment date
- 1 June each year
Results
- Total at ₩900M
- ₩1,512,000
- Total at ₩910M
- ₩1,864,800
- Difference
- ₩352,800
- Rise in the published price
- 0.9%
- Rise in the tax
- 23%
At a glance
On one-home figures. The tax climbs a little at a time as the published price climbs, and then jumps at once the moment ₩900M is passed and the concession disappears.
Why it works this way
It is easy to assume property tax rises in step with the published price. Broadly it does, but not at one particular point.
A one-home household has its own set of reduced rates, set below the standard rates in every band. They apply only to a home with a standard market value of ₩900M or less, though. For housing, the published price is the standard market value.
Rates by band of the tax base. The base amount for each band is added on top separately.
- Above ₩300M · standard rate0.4%
- Above ₩300M · one-home concession0.35%
- ₩300M or less · standard rate0.25%
- ₩300M or less · one-home concession0.2%
The gap in the rates does not look large in itself, 0.4% against 0.35%. The difficulty is that the moment ₩900M is passed, the concession disappears in its entirety. The whole discount is gone.
Let us work it through, applying the 60% fair market value ratio.
The tax base is the published price multiplied by the fair market value ratio.
- Published price₩900M
- × 60%tax base ₩540M
- Reduced rates₩1.26M
- ＋ local education tax at 20%total ₩1,512,000
₩10M changes the whole rate table that applies.
- Published price₩910M
- × 60%tax base ₩546M
- Standard rates₩1,554,000
- ＋ local education tax at 20%total ₩1,864,800
The published price rose 0.9% and the tax rose 23%. That asymmetry is the point of this episode.
The difference is ₩352,800. Perhaps not a large sum taken one year at a time, but property tax comes round every year. Over ten years it is more than ₩3.5M.
And in 2026 this boundary matters particularly, because published prices for apartments rose 9.13% on a national average. A good number of homes that sat below ₩900M in 2025 are above it in 2026.
Now the most important warning on this page. The reduced rates carry a sunset.
A time-limited provision under 부칙 제2조 of Act No. 17769.
- Scopetax liabilities arising up to 2026-12-28
- From 2027fresh legislation needed
Whether it will be extended has not been settled. Check again at the end of 2026 without fail. The calculation on this page holds only until then.
A few other points. The head of a local authority may raise or lower the rates by ordinance, and where the tax so calculated comes out below the tax under the reduced rates, the concession is not applied. Nor does it stack with property tax relief under the 지방세특례제한법. Only the one with the greater effect applies.
And an actual demand often carries, besides the property tax itself and the local education tax, the urban area portion of property tax and the regional resource and facility tax. A cap on the increase in the burden applies separately too. Which is why the figure on this page and the figure on the demand may differ.
Finally, timing. The assessment date for property tax is 1 June each year. Whoever owned the property that day pays that year's tax. Sell on 2 June and the year's property tax is still the seller's. Which is why that date is a matter for negotiation when the timing of a sale is being settled.
So: check your published price on the Real Estate Public Price Notice service and set it against the ₩900M line. If you are near it, it is worth calculating not one year's tax but several years at once.
The legal basis
Drawn from government announcements and the statutes themselves as primary sources, covering only the relevant part.
지방세법 제111조제1항제3호나목 (standard rates for housing)
In force in force 2026-07-01 (Act No. 21308)
The standard property tax rates for housing are 0.1% on a tax base of ₩60M or less; ₩60,000 plus 0.15% of the excess up to ₩150M; ₩195,000 plus 0.25% of the excess up to ₩300M; and ₩570,000 plus 0.4% of the excess above ₩300M.
What this means
A progressive structure adding the rate on the excess to a base amount for each band. It applies not to the whole published price but to the tax base after the fair market value ratio.
지방세법 제111조의2 (reduced rates for a one-home household)
In force limited to tax liabilities arising up to 2026-12-28
For a one-home household with a standard market value of ₩900M or less, the rates are 0.05% on a tax base of ₩60M or less; ₩30,000 plus 0.1% up to ₩150M; ₩120,000 plus 0.2% up to ₩300M; and ₩420,000 plus 0.35% above ₩300M. Where the tax under rates raised or lowered by ordinance of the head of a local authority comes out below this, the concession is not applied.
What this means
₩900M is the boundary. Cross it and this entire table stops applying. And the concession is itself time-limited, so it must be checked again at the end of 2026.
지방세법 제151조 (local education tax)
In force in force
Local education tax is charged at 20% of the property tax.
What this means
As the property tax grows, the local education tax grows by the same proportion. Cross the cliff and both items jump together.
지방세법 (assessment date)
In force in force
The assessment date for property tax is 1 June each year, and the person in actual ownership of the property on that date is the taxpayer.
What this means
That single day settles the whole year's property tax. It is a date that genuinely gets negotiated when a balance date is being fixed.
Run it on your own numbers
The calculator opens with these conditions already filled in. Change the figures and your own case comes straight out.
Open the Property Tax Calculator
Frequently asked
How much does going slightly above ₩900M cost me?
In the example on this page, ₩352,800 a year. The published price rose 0.9% and the tax rose 23%. The amount varies with the level of the published price, so check it in the calculator.
Is the ₩900M on the published price or the market price?
On the standard market value, and for housing the published price is the standard market value. Not the market price. You can look it up on the Real Estate Public Price Notice service.
Will the concession still be there in 2027?
It has not been settled. Under 부칙 제2조 of Act No. 17769 it holds only for tax liabilities arising up to 2026-12-28, and applying it from 2027 needs fresh legislation. Check again at the end of 2026 without fail.
If I sell on 1 June, who pays the property tax?
Whoever is in actual ownership on 1 June, the assessment date. A balance date of 1 June puts that year's tax on the buyer; 2 June puts it on the seller. One day apart.
The demand differs from the calculator.
This calculator works out only the property tax itself and the local education tax. An actual demand often carries the urban area portion of property tax and the regional resource and facility tax as well, and rates raised or lowered by ordinance and the cap on the increase in the burden apply too.
Is there any way to bring the published price down?
You can file an objection during the objection period after the published price is determined. In 2026 that ran from 30 April to 29 May. The success rate is not high, though: of 14,561 submissions in the 2026 consultation, 1,903 led to an adjustment, or 13.1%.
Results are estimates based on the inputs and on the rules as at the stated date. They may differ from a lender's actual assessment, and the rules change often. Take professional advice before any decision that matters.