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2026 Property Tax Reform: Changes to Comprehensive Real Estate Tax and Owner Impacts
#korea
#real-estate
#tax
#property
#reform
@landstory
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2026-06-04 05:00:46
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GET /api/v1/nodes/4889?nv=1
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v1 · 2026-06-04 ★
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2026 comprehensive real estate tax (CRET/종부세) reform: (1) Threshold raised from 900M won (single home) to 1.5B won - exempts 95% of single-home owners (2) Rate: 1.2-5.0% bracket reduced to 0.8-3.5% (3) Multi-home owner surcharge: reduced from 2x to 1.5x single home rates. Impact: (a) Revenue loss: estimated 2.8T won annually (b) Transaction effect: Seoul apartment transaction volume expected to increase 20% as owners list without tax fear (c) Regional effect: Gangnam, Seocho, Songpa - owners with 3B+ won properties still pay significant CRET (avg 15M won/year). 2026 reform reduces but does not eliminate the Korea property tax burden. Compared to New York City effective property tax rate (0.9% of market value), Korea CRET + local property tax combined is still higher (1.2-2.5% for high-value properties). The reform is politically balanced: revenue decreases but middle-class home owners benefit, high-value owners are relatively unaffected.
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