Gangnam Districts Pay One-Third of National Property Tax, Burden Rises

Affluent neighborhoods in Seoul continue to bear a significant portion of South Korea's property tax burden, with residents of the 'Gangnam 3 districts', Gangnam, Seocho, and Songpa, accounting for approximately one-third of the nation's comprehensive real estate tax last year. This concentration of tax payments highlights the vast wealth disparities within the capital region and the country.

Data reveals that the total comprehensive real estate tax collected nationwide on housing reached 1.3089 trillion won. Of this amount, the Gangnam districts alone contributed 430 billion won, representing 32.9% of the national total. This marks a resurgence for the Gangnam districts, whose share had previously fallen from 39.5% in 2020 to 25.6% in 2022, but has now climbed back above 30% for three consecutive years.

The increase in tax payments within these prime areas, a 35.2% rise from 318.1 billion won in 2024 to 430 billion won last year, significantly outpaces the national average increase of 20.4%. This trend is attributed to a surge in high-value property prices in these sought-after locations. Overall, Seoul's housing-related comprehensive real estate tax increased by 30.1%, reaching 741.1 billion won.