The government-assessed value of standalone houses in Seoul will increase 10.13 percent next year, higher than this year’s increase of 6.82 percent from 2019. The average increase for the nation is 6.68 percent.
A 66-year-old man who lives in Mok-dong of Yangcheon District, western Seoul, was shocked recently after checking his comprehensive real estate tax bill. It was up sevenfold from the previous year.
Property taxes increased the maximum 30 percent this year for 580,000 households in Seoul.
Protests over the government’s real estate measures are held in front of the Korea Deposit Insurance Corporation on Saturday in downtown Seoul, as a public backlash grows over the government’s regulations on higher property and capital gains taxes.