Question 1

When is property tax due in Korea?

Accepted Answer

Property tax is paid in two installments: the first half (50%) from July 16–31, and the second half (50%) from September 16–30. If the total tax is 200,000 KRW or less, it is billed in full in July.

Question 2

How is the property tax base calculated?

Accepted Answer

The tax base is calculated by multiplying the officially assessed price (公示価格) by the Fair Market Value Ratio, which is currently around 60% for housing.

Question 3

What is the difference between property tax and comprehensive real estate tax?

Accepted Answer

Property tax is a local tax applied to all property owners, while comprehensive real estate tax (종합부동산세) is a national tax that applies only when the combined assessed value exceeds a certain threshold (e.g., 900 million KRW for a single homeowner).

Question 4

Are there any property tax reductions for single-home owners?

Accepted Answer

Yes, single-home owners (1세대 1주택) with an assessed value of 900 million KRW or less may receive a tax reduction. The Fair Market Value Ratio may also be applied at a lower rate for eligible properties.

Question 5

What happens if I miss the property tax deadline?

Accepted Answer

Late payment incurs a penalty surcharge of 3% of the unpaid tax, plus an additional 0.75% per month for amounts over 300,000 KRW (up to 60 months).

Question 6

Does the officially assessed price differ from the market price?

Accepted Answer

Yes, the officially assessed price (공시가격) is typically lower than the actual market transaction price. It is set by the government and used as the basis for various taxes including property tax.

Property Tax Calculator (July/Sept)

FAQ재산세 과세 원리

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