Ma, Yong, Seong districts see increases of over 10%
Sharp rises in areas where land transaction permit zones were lifted
Single-digit changes in the Gangbuk region
The government raised the official prices of nationwide apartment complexes by an average of 3.65% this year compared to last year, widening the gap in property tax burdens between regions with large and small price increases. Apartments in the Gangnam area, where housing prices surged significantly, saw property taxes jump by nearly 40%, while those in the Gangbuk area experienced single-digit increases. The higher the price of the apartment, the greater the price increase, further expanding the disparity in property tax burdens.
According to a simulation calculation by the Ministry of Land, Infrastructure and Transport and Woo Byung-tak, a senior expert at Shinhan Bank Premier Pathfinder, the official price of a 111㎡ unit in Shinhyundai 9th complex in Apgujeong-dong, Gangnam-gu, Seoul, rose from 2.76 billion KRW last year to 3.476 billion KRW this year, with property tax expected to increase from 13.28 million KRW to 18.48 million KRW, a rise of 5.2 million KRW (39.2%).
The official price of the standard 84㎡ unit in Eunma Apartment, Daechi-dong, nearby, increased from 1.812 billion KRW last year to 2.01476 billion KRW this year, with the property tax burden expected to jump from 5.375862 million KRW to 6.652720 million KRW, a 24.86% increase.
The property tax for an 84㎡ unit in Raemian One Bailey Apartment in Banpo-dong, Seocho-gu, rose 35.9% from 13.4 million KRW last year to 18.2 million KRW this year. The official price for this apartment was calculated for the first time this year.
Following the lifting of the land transaction permit zone, the expected property tax for an 82㎡ unit in Jamsil Jugong 5 Complex, Songpa-gu, Seoul, is projected to increase 28.64% from 5.89446 million KRW last year to 7.642101 million KRW this year. The official price rose 10.04% from 1.972 billion KRW last year to 2.16999 billion KRW this year.
The property tax burden for an 84㎡ unit in Jamsil Els, Jamsil-dong, Songpa-gu, jumped 21% from 4.78 million KRW to 5.79 million KRW. The official price increased 14% from 1.63 billion KRW last year to 1.865 billion KRW this year.
Property taxes for apartments in Mapo, Yongsan, and Seongdong districts are also expected to rise by more than 10% compared to last year. For example, the official price of an 84㎡ unit in Mapo Raemian Prugio in Ahyeon-dong, Mapo-gu, rose 14.9% from 1.145 billion KRW last year to 1.316 billion KRW this year, with property tax expected to increase 17.5% from 2.44 million KRW to 2.87 million KRW. In Yongsan Han Garam, an 84㎡ unit in Ichon-dong, Yongsan-gu, the official price rose 8.9% to 1.657 billion KRW, with property tax burden expected to increase 12.4% from 4.23 million KRW to 4.75 million KRW.
On the other hand, property taxes for homes in the Gangbuk area of Seoul showed single-digit increases. The property tax for an 84㎡ unit in Daesang Town Hyundai Apartment in Banghak-dong, Dobong-gu, rose 1.0% to 620,000 KRW. The official price of this apartment increased 0.8% to 520 million KRW this year. For an 84㎡ unit in Doosan We've Trigeum in Mia-dong, Gangbuk-gu, the official price rose 3% to 516 million KRW, with property tax burden increasing 4.0% from 620,000 KRW last year to 650,000 KRW this year.
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