Housing property tax in Korea is not just “published price × ratio × rate”. On 14 March 2023 the housing tax-burden cap (105, 110 or 130% of last year’s tax) was deleted from Article 122 of the Local Tax Act and replaced by a tax-base cap (Art. 110(3)); Enforcement Decree Art. 109-2 (added 28 May 2024) sets its rate at 5/100. On top come the 2026 fair market value ratios — 60% for ordinary homes and 43–45% for one-home households — and the one-home rates for homes valued at 900 million won or less. Enter this year’s and last year’s standard value and the calculator rebuilds the tax in that order.
1. Tax base = standard value × fair market value ratio — 60% in 2026, 43–45% for one-home households.
2. Tax-base cap = last year’s value × this year’s ratio + this year’s base × 5% — the lower of the two is used.
3. Half the tax is billed in July, half in September (Art. 115).
Calculator
Updates as you type. 2026 ratios (Decree Art. 109(1)2). Leaves out the urban-area levy (Art. 112), local education tax, local resource facility tax, ordinance rate changes and reductions. Amounts are floored to the won and the July/September split puts the odd won in September (our method).
The articles this calculator uses
| Type | What the source says | Worth noting (ours) |
|---|---|---|
| Act Art. 110(1)2 | Housing: 40/100 to 80/100 of the standard value; one-home households 30/100 to 70/100 | The Act gives the range; the Decree sets the ratio |
| Decree Art. 109(1)2 (amended 29 May 2026) | Housing: 60/100. For one-home households liable in 2026 (including homes over 900 million won): 43/100 up to 300 million, 44/100 over 300 up to 600 million, 45/100 over 600 million | Fixed to 2026 |
| Act Art. 110(3) (added 14 Mar 2023) | If a home’s tax base exceeds the cap, the cap is the tax base. Cap = last year’s equivalent tax base + (this year’s base × cap rate), the rate within 0 to 5/100 | The formula sits in the image alt text |
| Decree Art. 109-2 | Last year’s equivalent = last year’s standard value (or this year’s if none) × the ratio on this year’s assessment date; cap rate 5/100 | This year’s ratio both times |
The Act allows 0–5% and the Decree picks the top, 5%. The cap is on the tax base, not the tax; our property tax guide sets the articles side by side.
Two rate tables — Arts. 111 and 111-2
| Tax base | Standard (Art. 111(1)3(b)) | One-home (Art. 111-2(1)) |
|---|---|---|
| Up to 60 million won | 1/1,000 | 0.5/1,000 |
| Over 60 up to 150 million | 60,000 won + 1.5/1,000 of the excess | 30,000 won + 1/1,000 of the excess |
| Over 150 up to 300 million | 195,000 won + 2.5/1,000 of the excess | 120,000 won + 2/1,000 of the excess |
| Over 300 million | 570,000 won + 4/1,000 of the excess | 420,000 won + 3.5/1,000 of the excess |
Both tables are images in the article; we read the alt text. The one-home rates apply only to homes valued at 900 million won or less, and under the addendum to Act No. 17769 only to liabilities arising by 28 December 2026. We checked that each fixed amount meets the band below it (60 million × 1/1,000 = 60,000 won, and so on).
Three sums — our example
| Example (ours) | Property tax | Worth noting (ours) |
|---|---|---|
| One-home, 500 million this year, 460 million last year | 246,800 won | 44% → 220 million capped at 213.4 million; one-home rates |
| Not one-home, 1 billion this year, 900 million last year | 1,650,000 won | 60% → 600 million capped at 570 million; standard rates |
| One-home, 1.2 billion both years | 1,530,000 won | 45% → 540 million; over 900 million, so standard rates |
Without the cap, the first home would pay 260,000 won on a 220 million base; the cap saves 13,200 won, and each half-year bill is 123,400 won. The second home’s 1,650,000 won is billed 825,000 in July and 825,000 in September; no bill exceeds 2.5 million, so no instalments (our reading). The third gets the 45% ratio as a one-home household but, being over 900 million won, not the one-home rates.
When does the cap bite — about 5.26%
Both terms use this year’s ratio, so the base exceeds the cap when this year’s value × 0.95 exceeds last year’s value — that is, when the standard value rises by more than about 5.26% (1 ÷ 0.95 − 1) (our sum). A 400 million won home rising to 421 million (5.25%) is not capped; at 422 million (5.5%) it is. If the value fell or rose a little, the cap does nothing.
Checklist
- ☐ This year’s and last year’s published value
- ☐ One-home household on 1 June? (Decree Art. 110-2)
- ☐ 900 million won or less — the one-home rate line
- ☐ Value up more than 5.26%? Check the cap
- ☐ Urban-area levy and local education tax on the bill are separate
Questions that remain
Who counts as a one-home household?
Decree Art. 110-2: a household of family members on the same resident register (lodgers excluded) owning only one home in Korea on the assessment date, with listed homes left out of the count (employer housing for staff, dormitories, unsold new builds and others). Combining households to care for a parent aged 65+ is treated as separate households (para. 3).
Will 43–45% and the one-home rates continue?
Unknown. The ratios are fixed to 2026, and the one-home rates to liabilities arising by 28 December 2026. We will update if they change.
My bill is over 2.5 million won.
See the property tax instalment calculator, and for eligible one-home owners the deferral checker.
Sources
- Korean law database (law.go.kr) — Local Tax Act Arts. 110, 111, 111-2, 115, 122 — source (current text, effective 1 July 2026, Act No. 21308; checked 28 October 2026). Tax base (ratio ranges; the Art. 110(3) cap formula in the image alt text), standard housing rates, one-home rates (900 million or less; liabilities by 28 Dec 2026), due dates, Art. 122 proviso “not applied to housing” with items 1–3 deleted (14 Mar 2023).
- Korean law database — Enforcement Decree of the Local Tax Act Arts. 109, 109-2, 110-2 — source (effective 1 October 2026, Decree No. 36736; checked 28 October 2026). 2026 ratios (60%; 43, 44, 45% for one-home), last year’s equivalent and the 5/100 cap rate, the one-home definition.
- Not read. The urban-area levy rate (Art. 112), local education and resource facility taxes, Restriction of Special Local Taxation Act reductions, local ordinance rate changes.
- What we added. The “worth noting” column and the Korean everyday gloss.
Where to check further
- The published-price portal (부동산 공시가격 알리미) — your home’s published value this year and last.
- Wetax — the actual bill, tax by tax.
Written on 28 October 2026. The content is from the source; the glosses are ours.
