As Home Prices Rise, So Do Your Taxes — Why Property Tax Could Jump 54% in 4 Years
While Seoul home prices hit their 86th week of gains, property taxes are quietly climbing alongside. They could surge 54% within four years.
86 weeks. That's how long Seoul apartment prices have been rising. Everyone talks about the price gains — but almost nobody mentions that your tax bill is climbing right alongside them.
How Is Property Tax Actually Calculated?
Property tax follows a simple formula: assessed value × fair market value ratio × tax rate. When all three rise at once, your bill can jump fast.
Why It's Called a 'Double Hit'
When market prices rise, the assessed value follows. If the government also raises the fair market value ratio, taxes get hit from two directions at once. Either one alone increases your bill — both together can send it surging.
Owner-Occupiers Feel the Squeeze Most
If you haven't sold, you haven't actually made any money. The price gain exists only on paper. But the tax bill arrives every year demanding real cash — regardless of whether you've realized a single won of profit.
Property Tax Could Jump Up to 54% in Four Years
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