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South Korea Adjusts Property Tax System on Ultra-Luxury Homes, Standard Set at 30-50 Billion Won

2026-07-29 01:44:34

According to Yonhap Infomax, on July 29, South Korea's government announced adjustments to its property tax system aimed at reducing burdens on owner-occupants with general-priced single homes while increasing taxes on ultra-luxury properties. The basic deduction for comprehensive property tax will be raised from 1.2 billion won to reflect recent housing price increases, lowering tax liabilities for typical single-home owners. For ultra-luxury homes priced between 30-50 billion won, the government plans to subdivide tax rate brackets to apply progressive rates as property values rise, rather than applying uniform rates across wide price ranges. The long-term holding tax credit system will be restructured to prioritize actual residence period over mere holding duration, while age-related credits for retirees will be maintained. The government is scheduled to finalize and announce the policy framework on July 30 following government-ruling party coordination.

Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.

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