Korea Property Tax on Homes: Rates and Order of Calculation

What property tax on a home is

It is a local tax paid by whoever owns the home on June 1. It is not charged on the full value. The official price is multiplied by a ratio to get the tax base, and rates are applied to that.

The law treats the official price as the base value. This calculator holds no price data, so you enter it yourself.

How the tax base is found

The tax base is the official price times the fair market value ratio. For a general home that is 60%.

For one home owned by one household, 2026 uses 43% up to 300 million won, 44% over 300 million up to 600 million won, and 45% over 600 million won. The decree sets these for 2026 only, so they can change with the year.

If you know last year's official price you can also check the tax base cap. Take last year's price times this year's ratio and add 5% of this year's tax base. If that cap is below this year's tax base, the cap becomes the tax base.

Rate tables and the one-home special rates

For a general home, up to 60 million won of tax base is 1 per 1,000. Over 60 million up to 150 million is 60,000 won plus 1.5 per 1,000 of the part over 60 million. Over 150 million up to 300 million is 195,000 won plus 2.5 per 1,000 of the part over 150 million. Over 300 million is 570,000 won plus 4 per 1,000 of the part over 300 million.

A one-home household with an official price of 900 million won or less gets a lower special table. The first bracket is 0.5 per 1,000 and the last is 420,000 won plus 3.5 per 1,000 of the part over 300 million. Above 900 million won the general table applies even for one home.

The exact tables are on this page in the legal text and the rate tables, as written in the law.

Taxes added on top, and rounding

For a home in an urban area, 1.4 per 1,000 of the tax base is added as the urban area portion. The local education tax is 20% of the property tax without the urban area portion.

Each amount is rounded down to 10 won. If the property tax plus the urban area portion is under 2,000 won, it is not collected. The order of rounding item by item is this calculator's own reading, because the law does not spell it out.

It is due in two halves, July 16 to July 31 and September 16 to September 30. If the amount is 200,000 won or less, a local ordinance may let you pay all of it in July.

Worked examples

A general home with an official price of 500 million won. The tax base is 500,000,000 x 60% = 300,000,000 won. That is the top of the over 150 million up to 300 million bracket, so the tax is 195,000 + 150,000,000 x 2.5 per 1,000 = 570,000 won. The local education tax is 570,000 x 20% = 114,000 won, so the total is 684,000 won.

One home owned by one household with an official price of 300 million won. The ratio is 43%, so the tax base is 129,000,000 won. In the special table, over 60 million up to 150 million, the tax is 30,000 + 69,000,000 x 1 per 1,000 = 99,000 won. The local education tax is 19,800 won and the total is 118,800 won.

The amounts are numbers picked to show the order of the math. Enter your own price in the calculator.

What this tool does and its limits

Enter the official price and choose one home and the urban area portion. It shows the tax base, the property tax, the local education tax, the total, and the steps. If you enter last year's price it checks the cap too.

Reductions, ordinance changes, the regional resource facility tax, co-ownership, attached land, and deferral are not included. It does not decide whether you count as one home owned by one household, and it uses what you check.

This is a reference estimate. The bill from the city or district office is what counts. Your numbers are calculated in your browser, and nothing is saved or sent to a server.