Han River Belt Home Prices Soar... Three-Home Owners in Gangnam Districts Face 190 Million Won Property Tax Bomb [2026 Official Valuation]

This year, with the official assessed values of multi-unit residential properties rising significantly, especially in the three Gangnam districts of Seoul and the Han River Belt, the property tax burden for owners of multiple high-priced homes is expected to surge by nearly 40% compared to the previous year. Although the government has frozen the official assessed value realization ratio for multi-unit residential properties at 69% again this year, due to rising housing prices, a three-home owner in the three Gangnam districts is estimated to pay close to 200 million won in property taxes.

According to the "2026 Official Assessed Values for Multi-unit Residential Properties (Draft)" released by the Ministry of Land, Infrastructure and Transport on the 17th, the nationwide official assessed value for multi-unit residential properties increased by 9.16% this year. Seoul recorded an 18.67% increase, the highest among the 17 major regions nationwide. Among these, local governments adjacent to the Han River Belt posted a rise well above the average. The three Gangnam districts, along with Seongdong, Yongsan, and Mapo-local governments adjacent to the Han River-saw their official assessed values increase by 24.7% and 23.13%, respectively, compared to the previous year. The increase rate for other districts was only 6.93%.

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In particular, the surge in housing prices in the three Gangnam districts this year is expected to sharply increase the property tax burden for owners of multiple homes. According to a property tax simulation commissioned by The Asia Business Daily to Woo Byungtak, a Senior Specialist at Shinhan Bank Premier Pathfinder, a two-home owner possessing an 84㎡ Eunma Apartment in Gangnam-gu and an 82㎡ Jamsil Jugong 5 Complex in Songpa-gu is estimated to pay 42.84 million won in property taxes this year (with a 60% fair market value ratio applied to both the comprehensive real estate holding tax and the property tax). This is a 34.58% increase compared to the previous year (31.83 million won), with the official assessed values of each property rising by 26% and 25.5%, respectively, leading to a roughly 16 million won increase in the property tax burden.

A three-home owner holding high-priced properties in the three Gangnam districts is estimated to pay nearly 200 million won just in property taxes. An owner of a 112㎡ Acro River Park in Seocho-gu, an 84㎡ Eunma Apartment in Gangnam-gu, and an 82㎡ Jamsil Jugong 5 Complex in Songpa-gu is expected to pay 192.04 million won in property taxes this year. This amount is about 56.52 million won higher than the previous year's 135.52 million won.

As the official assessed values soared, the property tax burden also increased accordingly. The official assessed value of Acro River Park this year is 5,347.88 million won, up 29% from the previous year. The official assessed values of Eunma Apartment and Jamsil Jugong 5 Complex rose by 7.5% each to 2,580.24 million won and 2,902.58 million won, respectively. As a result, the property tax burden increased by 41.71% compared to last year.

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Meanwhile, the number of multi-unit residential properties whose official assessed value exceeds 1.2 billion won-thus subjecting single-home owners to the comprehensive real estate holding tax-was totaled at 487,362 units. This is an increase of about 170,000 units compared to the previous year (317,998 units). Of these, multi-unit residential properties in Seoul accounted for 85.13% (414,896 units) of the total. Gyeonggi Province followed with 63,067 units, accounting for 12.94%.

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