Every July the bill arrives without fail: property tax. And with it the questions — "why is mine this high?", "why did it go up?" Here's how it's calculated and how to pay it in Korea.
Three sentences — ① Whoever owns the property on June 1 pays the full year's tax. ② Housing tax is split in half across July and September. ③ The amount is published price × fair market ratio × rate.
Why June 1 matters so much
The assessment date is June 1 each year. Whoever is the registered owner that day owes the entire year's tax — regardless of whether they live there or how long they've held it.
- Sold on May 31 → the buyer pays that year's tax.
- Bought on June 2 → the seller pays it.
So for a May–June transaction, which side of June 1 the closing date falls on is real money.
Payment periods (2026)
- Housing, 1st installment — July 16–31 (half the annual amount)
- Housing, 2nd installment — September 16–30 (the other half)
- Buildings (shops etc.) — once in July
- Land — once in September
Miss the deadline by even a day and a 3% penalty applies, with further monthly additions on larger bills. Don't let it slip.
How the tax is figured
- Published price — a government-assessed value, typically 60–70% of market price (not the sale price)
- × fair market value ratio — generally 60% for housing, with a 43–45% special ratio for single-home households. Land and buildings use 70%.
- × rate — 0.1–0.4% progressive for housing. A single-home household with a published price of ₩900M or less gets a 0.05–0.35% special rate.
So single-home households benefit twice — lower ratio and lower rate. It applies automatically, but check your bill to confirm it was reflected.
The cap that limits sudden jumps
A tax burden cap prevents your bill from rising beyond a set share of last year's:
- Published price up to ₩300M — 105%
- ₩300M–600M — 110%
- Over ₩600M — 130%
How to pay
- Wetax (wetax.go.kr), or Etax in Seoul. Banks, phone and apps also work.
- Local taxes carry no credit-card fee. Card interest-free installment promotions can spread the cost.
- Bills over ₩2.5M can be paid in installments.
- No bill? Check Wetax directly — penalties apply even if the notice never reached you.
FAQ
I'm mid-sale — who pays?
The owner as of June 1. Ownership transfers on the closing (balance) date, so check the timing.
Where do I find the published price?
On the official real estate price disclosure site, which also runs an objection period.
Is this the same as the comprehensive real estate tax?
No. Property tax is a local tax on all owners; the comprehensive real estate tax is a national tax billed separately in November–December above certain thresholds.
Do I pay if the place is rented out?
Yes — property tax falls on the owner, not the tenant.
Property tax comes down to "who owned it on June 1." For a spring sale, one day around that date can shift a whole year's bill.
This is general information, not tax advice. Rates, ratios and reductions vary by local ordinance and reform — confirm your actual bill on Wetax or with your local office.
