South Korea Tripled Property Tax Plan Announced on July 23; Multi-Home Owners Get Tax Relief Path

According to Seoul Economic Daily, on July 23, South Korea's President Lee Jae-myung announced a plan to triple property holding taxes and introduce a tiered structure targeting luxury homes and multi-property owners. The government is reviewing exemptions for primary residences and owner-occupied homes while imposing higher rates on properties valued above 1 billion won (approximately $750,000).

Following regulatory restrictions on Hwaseong and Yongin areas on July 1, adjacent non-regulated zones saw rapid price increases. Dasan-dong apartments in Namyangju rose 100 million won in one month to 1.078 billion won, while Hwaseong Byeongjeom saw weekly gains slow to 0.25% from 1.29% after designation. To facilitate multi-property disposals, the government is considering limited capital gains tax reductions rather than full exemptions.