Live There or Pay More: Korea's 2026 Property Tax Reform in Plain English

Korea's government unveiled a significant overhaul of the comprehensive real estate tax (종부세, jongbuse) in 2026. The central idea: residency is now the key variable. Owning a home isn't penalized by default — but owning one you don't live in is.

What is jongbuse?

The comprehensive real estate tax (jongbuse) is an annual levy on high-value property holdings, layered on top of the standard property tax (재산세) everyone pays. It kicks in when a single-home owner's property exceeds an assessed value of ₩1.2 billion (roughly ₩2B in market price). Multi-home owners face a lower threshold.

High-value homes face extra pressure

Previous jongbuse rules focused on the number of homes you own. This reform adds a value threshold: properties priced above roughly ₩4 billion (assessed ₩2.8B) face higher rates even for single-home owner-residents. Own one home, but an expensive one, and your tax bill goes up.

Will higher taxes bring prices down?

Not necessarily — and there's a notable policy tension here. The government wants to pressure non-resident owners to sell. But many prime Seoul neighborhoods are under transaction permit zones (토허제, toheoje), which effectively bar buyers without proof of owner-occupancy intent. More sellers, fewer eligible buyers — a paradox baked into the policy.

This reform is still a proposal — not law. It requires National Assembly approval and faces opposition. Korean property policy frequently shifts between announcement and implementation. Read the current signals as a directional cue, not a final outcome. If you own property in Korea, run the numbers with a tax professional based on your specific situation.