Tax Base Date and Aggregation Method
The tax base date is June 1 each year. On that date, taxable homes and land subject to property tax are aggregated nationwide by category and by owner. If the date of the final payment and the registration date differ, or if a trust or inheritance is involved, you must separately confirm who is liable for the tax.
Check the Deduction Amount First
The basic deduction for an individual's residential property portion is 900 million won based on the total publicly assessed value. A qualifying single-home household receives a deduction of 1.2 billion won. The deduction is 500 million won for land subject to comprehensive aggregation and 8 billion won for separately aggregated land. Calculating the residential property deduction using the former amount of 600 million won will produce an incorrect result.
Calculating the Tax Base
For residential property, subtract the deduction from the total publicly assessed value and then apply a 60% fair market value ratio. The ratio for land is currently 100%. Apply the tax rate for the applicable number of homes and tax bracket to the resulting tax base, then calculate the tax amount after deducting overlapping property tax and other eligible amounts.
Current Residential Property Tax Rates
For individuals with two or fewer homes, residential property tax rates range from 0.5% to 2.7% depending on the tax base bracket. For three or more homes, rates range from 0.5% to 5.0%. Corporations follow different basic deduction and tax rate systems, so an individual calculation table cannot be used as-is.
Single-Home Household Deductions and Special Rules
Deductions for elderly taxpayers and long-term ownership, applications for jointly owned single homes, and special rules for temporarily owning two homes, inherited homes, and low-value homes in non-metropolitan areas each have their own requirements and application procedures. Similar names do not necessarily mean automatic application, so compare the details on your tax notice with the National Tax Service guidance.
Tax Notices, Filing, and Payment
If the National Tax Service notice is correct, you can pay according to the notice. If you need to apply for exclusion from aggregation, request a special treatment, or amend the notice, the filing period may differ by item. Check the guidance for the relevant year and the deadline shown in Hometax.