Seoul Property Tax on 3 High-Value Apartments Exceeds New York's by 22%

South Korean property owners face a significantly higher tax burden on high-value, multi-unit properties compared to international counterparts. An analysis reveals that owning three apartments valued at 2.3 billion won (approximately $1.7 million USD) in Seoul incurs an annual property tax of 48.54 million won (around $36,000 USD).

This tax amount is notably higher than in other major global cities. The same property portfolio in New York would result in an annual tax of 39.59 million won, making Seoul's tax 22% greater. Furthermore, the tax in Seoul is more than double that levied in Singapore under similar conditions.

However, the tax structure shows a stark contrast for single-home owners. An individual residing in a single home valued at Seoul's median price of 1.05 billion won (approximately $780,000 USD) would pay an annual property tax of just 1.07 million won (around $800 USD). This indicates that while the burden on owners of multiple high-value properties is substantial due to a strong progressive tax system, the tax for primary residents with moderately priced homes remains relatively manageable.