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South Korea Plans Property Tax Reform; Single High-End Homes Face Up to 36.4% Increase by July 30

GateNews
According to Seoul Economy, South Korea's government and ruling Democratic Party will finalize property tax reform on July 30, with details to be unveiled by end of July or early August. Properties with assessed values exceeding 3 billion won will face significantly higher holding taxes. Under the proposal, a 84.97-square-meter unit in Gangnam's Acreo River Park—valued at 3.934 billion won—would see property holding taxes (including agricultural special tax) increase by 6.01 million won, from 18.57 million to 24.58 million won. The measure aims to strengthen wealth taxes while providing relief measures for multi-property owners who sell, such as preferential treatment for relocations to provincial areas after retirement.
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