Seoul Apartment Assessed Values Surge 18%, Taxes Jump
1Seoul's apartment assessed values surged over 18% on average this year.
2Gangnam and Han River areas saw massive jumps of 20-30% due to soaring prices.
3Higher assessed values will increase property taxes and health premiums.
📖 Easy Explanation
🔍 Background
Every spring, the government surveys apartment prices nationwide and announces 'assessed values' to calculate taxes. As actual apartment prices in major Seoul areas rose significantly last year, the government's announced values this year have also jumped.
📌 Key Points
This year, Seoul's apartment assessed values rose by over 18% on average. Popular areas around the Han River, such as Seongdong, Gangnam, and Mapo districts, surged by 20-30%. In contrast, Dobong and Gangbuk districts only rose by about 2%, showing huge regional gaps within Seoul.
💡 Why It Matters
Assessed values serve as the standard for levying taxes like property tax and comprehensive real estate tax. Homeowners in areas with steep increases may face significantly higher taxes this year. It's also used to calculate basic pensions and health insurance premiums, so careful checking is advised.
🔮 What's Next
The assessed values of apartments nationwide can be checked online in advance. They will be finalized in late June after a feedback gathering process.
📚 Glossary
한강벨트 (Hangang Belt)Major apartment-dense areas in Seoul located along the Han River, such as Mapo, Yongsan, and Seongdong districts.
시세반영률 (Sise Banyeongnyul)The ratio of the government's assessed value for tax purposes compared to the actual market price of a house.
종합부동산세 (Jonghap Budongsan-se)Comprehensive real estate tax, an additional tax levied on individuals owning high-value real estate above a certain threshold.