Archive · 3 Aug 2026
South Korea to Raise Property Taxes on Expensive Homes
South Korea wants to change how much people pay in taxes for their homes.
Rich people who own many or very expensive houses will pay more tax.
People who own just one house and live in it will pay less tax if the house is not too expensive.
The government says this will help make homes a place to live, not just a way to make money.
The new rules will be sent to lawmakers for approval by September 3.
South Korea proposes higher taxes on high‑value and multi‑home owners while giving exemptions to single‑home owners.
Finance Minister Koo Yun‑cheol says the reforms aim to make housing a place to live, not an investment.
New holding‑tax rates could rise by up to 2.3 percentage points, depending on property value.
Single‑home owners with homes under 3 billion won will see lower taxes; those between 3–5 billion won face graduated increases.
The proposals will be sent to Parliament by September 3 for approval.
- Who
- President Lee Jae Myung’s administration and Finance Minister Koo Yun‑cheol
- What
- Proposed property tax changes targeting high‑value and multi‑home owners
- When
- Announced after a closed‑door meeting; proposals to be submitted to Parliament by September 3
- Where
- South Korea
- Why
- To cool the housing market, address affordability concerns, and respond to public pressure
- Proposed Tax Increase
- Up to 2.3 percentage points
- Targeted Property Value
- 3–5 billion won
- Single Home Exemption
- Lower taxes for homes under 3 billion won
- Submission Deadline
- September 3
- Goal
- Make housing a place to live, not an investment