Seoul apartment assessed values rose 18.67% this year compared to last year. Districts along the Han River, including Gangnam, Seocho, Songpa, Mapo, Yongsan, and Seongdong, saw increases exceeding 20%, likely pushing property tax bills up more than 50% for many apartments.
According to the "2026 Apartment Assessed Value Plan" released by the Ministry of Land, Infrastructure and Transport on the 17th, assessed values for 15.85 million apartment units nationwide rose 9.16%. This marks the highest increase in four years since 2022's 17.2% jump, representing 2.5 times last year's 3.65% rise. This year's assessed values kept the realization rate fixed at 69%, the same as last year, reflecting only market price changes.
The number of Seoul apartments with assessed values exceeding 900 million won reached 608,894 units, up more than 50,000 from last year. Units exceeding 1.2 billion won in assessed value, which qualifies single-home owners for the comprehensive real estate tax, surged 53.3% to 169,364 additional households.
Areas with sharp assessed value increases are expected to see property tax burdens rise up to 50% or more from the previous year. Property taxes for a 111-square-meter unit at Shin Hyundai 9th in Apgujeong-dong, Gangnam-gu, and Raemian One Bailey in Banpo-dong, Seocho-gu, are projected to increase 57.1% and 56.1% respectively, adding more than 10 million won to annual bills.
