Property Tax by Value, Not Count — Can One Home Mean a Higher Bill?

At a government housing policy forum on July 16, experts called for a fundamental change to South Korea's comprehensive real estate tax: shift the tax base from the number of homes you own to their total assessed value. If that happens, even single-home owners could see their tax bill change.

What is the comprehensive real estate tax (jongbuse)?

Jongbuse is a national tax layered on top of the regular property tax, targeting owners of higher-value real estate. Under the current system, tax rates escalate based on how many homes you own — multi-property owners pay significantly higher rates than those with a single home.

What's the problem with the current system?

Counting homes creates some odd outcomes. Someone with two modest homes in a rural area gets labeled a multi-property owner and pays premium rates. Meanwhile, someone with one apartment in Gangnam worth 2 billion won qualifies as a single-home owner and enjoys lower rates. Experts argue that taxing by count — not by wealth — is fundamentally unfair.

Could single-home owners pay more?

Yes — if the home is expensive enough. A single apartment with a public assessed value above 1.5–2 billion won could face a higher jongbuse bill under value-based taxation. On the flip side, someone holding two low-priced rural homes might actually see their tax burden drop.

Nothing has changed yet. Today's forum was a policy consultation stage — experts presenting views to the government. Any actual tax law revision requires passage through the National Assembly and will take time. But the directional signal is clear.

Why is the government moving this way?

Two reasons. First, tax fairness: making the wealthy pay more based on wealth, not a headcount of properties. Second, easing blanket penalties on multi-property owners who hold low-value homes for legitimate reasons. Value-based taxation threads the needle between both goals.