Next year, the property holding tax for apartment owners in Seoul's Gangnam area is expected to rise by as much as more than 40% from this year.
The Ministry of Land, Infrastructure and Transport decided on the 13th to keep next year's official appraisal realization rate for multiunit housing at this year's level of 69%. Accordingly, only this year's market price changes will be reflected in the official appraisals.
The burden of holding taxes is expected to increase sharply, centered on apartments in Seoul's Gangnam area where market prices have risen significantly.
According to the Ministry of Land, Infrastructure and Transport (MOLIT)'s "analysis of changes in official appraisals and holding tax amounts for major complexes," apartments in the Gangnam area will see holding tax burdens, including property tax and the comprehensive real estate tax, rise by 20% to 40% from this year. MOLIT estimated next year's official appraisals and holding taxes assuming one household owning one home.
Next year's official appraisal for a 111-square-meter unit at Shinhyundai 9th Complex in Apgujeong-dong, Gangnam-gu will be 4.378 billion won, up 25.9% from this year. Accordingly, the holding tax is also estimated at 26.47 million won, up 42.5% from this year's 18.58 million won.
If you own a 78-square-meter unit at Acro Riverview in Banpo-dong, Seocho-gu, you will likely pay 32.8% more in holding tax. This apartment's holding tax was 12.04 million won this year, but it will increase to 15.99 million won next year. Next year's official appraisal is 3.284 billion won, up 20.6% from this year.
For an 84-square-meter unit at Songpa Jamsil Els in Jamsil-dong, Songpa-gu, next year's official appraisal will be 2.133 billion won, up 14.4% from this year. The holding tax will also rise 22.3% to 7.12 million won from this year.
Holding taxes will also increase for "Hangang Belt" apartments. For an 84-square-meter unit at Mapo Raemian Prugio in Ahyeon-dong, Mapo-gu, next year's official appraisal will be 1.511 billion won, and the holding tax is estimated at 3.55 million won. The holding tax is up 22.8% from this year.
For an 84-square-meter unit at Yongsan Hangaram in Ichon-dong, Yongsan-gu, next year's official appraisal is 1.805 billion won, up 8.9% from the previous year. The 2026 holding tax is expected to be 5.52 million won, up 15.7%.
For an 84-square-meter unit at Seoulsup Riverview Xi in Haengdang-dong, Seongdong-gu, the official appraisal rises 20.1% from this year to 1.662 billion won, with the holding tax also increasing 28.4%. Next year's expected holding tax is 3.94 million won.
The increase in official appraisals and holding taxes for apartments in northern Seoul is expected to be relatively modest. Holding taxes for apartments in Gangbuk-gu are expected to rise by 3% to 4%.