Seoul City, September Property Tax 3.6478 Trillion Won... 11.5% Increase

Photo by Mun Ho-nam munonam@

[Asia Economy Reporter Yuri Kim] The Seoul Metropolitan Government announced on the 14th that the regular property tax for September, imposed on houses and land, amounts to a total of approximately 4.09 million cases and 3.6478 trillion KRW.

This represents an increase of about 82,000 cases and 376 billion KRW compared to last year, marking an 11.5% rise in amount.

The housing portion accounts for 3.359 million cases and 1.4156 trillion KRW, while the land portion excluding housing land is 731,000 cases and 2.2322 trillion KRW. By type, apartment complexes increased by 81,000 cases (2.4%), and land by 1,000 cases (0.1%).

Property tax is imposed annually in July and September on owners as of the tax base date (June 1 each year). In July, the tax applies to houses (half), buildings, ships, and aircraft, while in September, it applies to houses (half) and land.

The increase in property tax is due to approximately 82,000 more taxable cases and the rise in official housing prices used as the tax base: apartment complexes increased by 14.7%, and detached houses by 6.9%. The individual land price also rose by 8.3%.

By district, Gangnam-gu had the highest amount with 279,000 cases and 777.4 billion KRW. Seocho-gu followed with 416.6 billion KRW, and Songpa-gu with 333.8 billion KRW. Dobong-gu had the lowest amount at 37.9 billion KRW.

The city plans to allocate 1.4292 trillion KRW of this year’s collected property tax as joint property tax, distributing 57.2 billion KRW to each of the 25 autonomous districts.

Joint property tax is the tax where the city takes 50% of the property tax from each district and then redistributes it to the districts.

Property tax payments must be made through the Seoul ETAX system, Seoul STAX (smartphone application), dedicated account transfers, bank ATMs, or automated phone response systems. Starting this year, the installment payment threshold for property tax has been lowered from 5 million KRW to 2.5 million KRW, allowing taxpayers to apply at district offices and pay in installments.

The payment deadline is normally September 30, but due to Chuseok this year, the deadline has been extended to October 5. A 3% surcharge will be added if payment is late.

This content was produced with the assistance of AI translation services.