Seoul Imposes 4.43 Trillion Won in Property Tax for September... Up 6% Due to Official Price Increase

Up 250.5 Billion Won from Last Year Due to Official Price Increase
Gangnam-gu: 982.1 Billion Won, Seocho-gu: 535 Billion Won

On September 11, the Seoul Metropolitan Government announced that it has finalized the property tax for September, amounting to 4.4285 trillion won, for land and housing owners, and has sent out 4.36 million tax bills. This property tax includes the Local Resource Facilities Tax and the Local Education Tax, and is levied every July and September on owners of housing, land, and buildings as of the tax base date, June 1.

The property tax for September increased by 6.0% (250.5 billion won) compared to last year. The property tax on land (including land attached to commercial buildings) rose by 3.2% (85.6 billion won), due to a 4.02% increase in the officially assessed land price.

Seoul City finalized the property tax for land and housing owners for September and sent out the tax bills on the 11th. Photo shows a panoramic view of Seoul City. Photo by Yonhap News

The property tax on housing also increased by 10.9% (164.9 billion won), driven by a 7.86% rise in the officially assessed price of apartment complexes and a 2.91% increase for individual houses. By district, Gangnam-gu recorded the highest amount at 982.1 billion won, followed by Seocho-gu with 535 billion won, and Songpa-gu with 382.9 billion won.

Taxpayers who have received the tax bill must make their payment by September 30. If the deadline is missed, an additional 3% late payment penalty will be imposed.

The city provides various convenient payment options to ensure taxpayers can easily pay on time. Paper tax bills are sent only once, but those who sign up for electronic delivery will receive a reminder as the payment deadline approaches. If taxpayers also apply for notification messages along with electronic delivery, they will receive a text alert and a separate notification three days before the deadline in case of non-payment.

Visually impaired or low-vision taxpayers can scan the voice-conversion QR code on the bill using a dedicated smartphone app or voice-conversion device to receive guidance on the tax information. Foreign taxpayers can refer to the translated instructions enclosed with the bill to check the tax details. This year, there are 25,125 foreign taxpayers.

Lee Sanghoon, Director of the Seoul Metropolitan Government's Finance Bureau, stated, "We ask citizens to make sure they do not miss the September property tax payment deadline due to their busy schedules, and to utilize Seoul's electronic payment system, mobile apps, and simple payment service apps to pay on time. If you apply for electronic delivery instead of a paper bill, you will enjoy convenient payment and also receive a tax credit, so we strongly encourage everyone to sign up."