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THE INVESTOR
December 06, 2021

Market Now

480,000 Seoulites to pay comprehensive real estate tax this year

  • PUBLISHED :November 24, 2021 - 10:37
  • UPDATED :November 24, 2021 - 10:37
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This photo, taken on Nov. 15, shows apartment buildings in Seoul. (Yonhap)

Comprehensive real estate taxes have been levied on nearly half a million homeowners in Seoul this year, up more than 20 percent from last year, as housing prices and tax rates have surged.

Seoul homeowners collectively faced 2.8 trillion won ($2.35 billion) in comprehensive real estate taxes, 2.3 times the amount levied last year.

The sharp increase in the property holding tax could affect the market as some homeowners may choose to sell their homes to reduce the tax burden, thereby bringing down the prices.

The number of people who received comprehensive real estate tax bills and the amount of taxes levied have increased nationwide, according to data released by the National Tax Service on Nov. 23.

Some 480,000 taxpayers in Seoul and around 238,000 in Gyeonggi Province were hit with the annual property holding tax, which applies to homeowners with a single property valued at 1.1 billion won or more or owners of multiple homes valued at 600 million won or more each.

Homeowners in Gyeonggi Province faced some 1.2 trillion won in comprehensive real estate taxes -- 4.5 times the amount they had to pay last year.

Among the 17 major cities and provinces, Sejong saw the sharpest rise in the number of homeowners who received comprehensive real estate tax bills -- from about 4,000 last year to around 11,000 this year.

Across the country, about 947,000 taxpayers, including corporations, had to pay some 5.7 trillion won in comprehensive real estate taxes.

Around 885,000 of those taxpayers were individuals, and 132,000 owned just one home.

The Ministry of Economy and Finance rebutted objections.

“Most of the comprehensive real estate tax