Record number of Koreans of 1 mn subject to property tax surcharge this year

[Photo by Lee Chung-woo]

Nearly 1.2 million, or record number of Koreans are subject to comprehensive real estate tax this year due to spike in taxing and property valuation guidelines set under previous Moon Jae-in government. According to estimates of real estate tax payers submitted recently by the Ministry of Public Administration and Security, the type of surcharge levied on aggregate properties of certain values would reach 4.9 trillion won, up 11.4% on year. It is the first time taxpayers of the type to surpass 1 million since the comprehensive property ownership tax was introduced in 2005. About 930,000 individuals paid real estate tax last year, 29% fewer than this year. Declared value of apartments in Korea that is the basis to real estate tax rose 19% in 2021 and 17.2% in 2022.

By Pulse