2026 Korea Property Tax Guide: July Deadlines, Calculation, and Savings
First installment due: July 16 - 31
1. Basics: Who Pays and When
Jaesan-se (property tax) is a local tax levied on whoever owns housing, buildings, land, ships, or aircraft as of June 1 each year (the assessment date). If you are the owner of record on June 1, you owe the full year — which is why closing dates in late May vs. early June matter so much.
| Installment | Payment Window | What Is Billed |
|---|---|---|
| 1st | 7/16 ~ 7/31 | ½ of housing tax + buildings, ships, aircraft |
| 2nd | 9/16 ~ 9/30 | Remaining ½ of housing tax + land |
If the annual housing tax is 200,000 KRW or less, the full amount is billed once in July. Bills go out in late June to early July; you can opt into e-billing via WeTax.
2. How the Tax Is Calculated (with Example)
Housing property tax is computed as: official assessed price × fair-market-value ratio = tax base → tax base × rate = tax → capped by the year-over-year burden limit. Your bill also includes an urban area surtax (0.14% of the tax base) and local education tax (20% of the base tax).
2026 Rate Table (Housing)
| Tax Base | Standard Rate | Single-Home Special Rate (≤900M assessed) |
|---|---|---|
| ≤ 60M KRW | 0.1% | 0.05% |
| 60M ~ 150M | 60K + 0.15% of excess | 30K + 0.1% of excess |
| 150M ~ 300M | 195K + 0.25% of excess | 120K + 0.2% of excess |
| > 300M | 570K + 0.4% of excess | 420K + 0.35% of excess |
🧮 Example: Apartment Assessed at 500M KRW (Single-Home Household)
- ① Tax base = 500M × 44% ratio = 220M KRW
- ② Base tax = 120K + (220M − 150M) × 0.2% = 260,000 KRW (special rate)
- ③ Urban surtax = 220M × 0.14% = 308,000 KRW
- ④ Education tax = 260K × 20% = 52,000 KRW
- = Annual total ≈ 620,000 KRW → 310,000 in July + 310,000 in September
To see your own numbers, enter the assessed price into our holding tax calculator — it covers both property tax and comprehensive real estate tax.
3. Single-Home Owner Reductions
In 2026, single-home households get two automatic reductions — no application needed. If your household owns exactly one home as of June 1, the city applies them to your bill.
- Lower fair-market-value ratio: Instead of the standard 60%, the ratio is 43% (assessed ≤300M), 44% (300-600M), or 45% (>600M).
- Special rates: If the assessed price is 900M KRW or less, each bracket rate is 0.05%p lower (0.05-0.35%).
- Burden cap: Even if assessed values jump, your tax cannot rise beyond a cap vs. last year (105-130% depending on assessed price).
Check that your bill reflects these reductions. If a temporary second home (e.g., moving or inheritance) caused them to be dropped, contact the local tax office to correct it.
4. Payment Methods and Installments
- WeTax (wetax.go.kr): Nationwide local tax portal; Seoul also uses ETAX (etax.seoul.go.kr)
- Credit card: Local taxes carry no card surcharge; card issuers often run interest-free installment events in July
- Other: Bank apps, ARS, ATMs, Naver Pay / Kakao Pay, and auto-debit
If your bill exceeds 2.5M KRW, you can pay the excess (up to 50% of the total if over 5M) in installments within 3 months after the deadline — apply with your local government after receiving the bill.
⚠️ If unpaid: 3% surcharge the day after the deadline, plus 0.75% per month (up to 60 months) for bills of 300K KRW or more.
5. Five Ways to Save
- Time your closing around June 1: Buyers benefit from closing June 2 or later; sellers from closing by May 31. One day decides who pays the whole year.
- Verify single-home reductions: Your tax base should be 43-45% of assessed value, not 60%.
- Use interest-free card installments: No surcharge plus interest-free installments protects cash flow.
- Appeal your assessed price (each April): The assessed price drives everything. If it looks too high vs. market, appeal during the April review window.
- Check special reduction programs: Housing-pension enrolled homes (25% cut), registered rentals, and seismic-retrofitted buildings may qualify for extra reductions.
6. FAQ
The first installment is July 16-31 and the second is September 16-30. Housing tax is split 50/50 between July and September; if the annual amount is 200,000 KRW or less, it is billed once in July.
A 3% late-payment surcharge applies immediately, and if the tax due is 300,000 KRW or more, an additional 0.75% accrues monthly for up to 60 months.
The owner of record on June 1 pays the full year. If you closed on June 2 or later, the seller owes this year's property tax; if you closed by May 31, the buyer does.
Use WeTax (wetax.go.kr) nationwide or ETAX for Seoul. You can also pay via bank apps, ARS, or credit card — local taxes have no card surcharge in Korea.
Sources
Local Tax Act and enforcement decree, Ministry of the Interior and Safety guidance, WeTax (wetax.go.kr). Last verified: 2026-07-10. Actual amounts can vary by municipal ordinance; consult your local tax office or a tax professional for individual cases.
Estimate Your Property Tax Now
Enter the assessed price to get property tax, surtaxes, and comprehensive real estate tax in one shot.