Next year's officially assessed prices for single-family homes in Seoul will rise by nearly 5%. As home prices climbed this year, the assessed prices also rose in tandem. As a result, areas such as the three Gangnam districts (Gangnam, Seocho, Songpa) are expected to see property holding taxes increase by more than 10%.
The Ministry of Land, Infrastructure and Transport said on the 17th that it will conduct the owner preview and opinion-gathering process for the 2026 officially assessed prices of standard land parcels and standard homes from Dec. 18 to Jan. 6.
The officially assessed prices for standard land parcels and standard homes serve as the basis for calculating individual officially assessed land values and individual home prices. Local governments at the city, county and district levels calculate individual officially assessed land values and individual home prices based on the officially assessed prices for standard land parcels and standard homes. The assessed prices are used for more than 60 administrative purposes, including property holding taxes, national health insurance premiums, and various levies.
Next year's officially assessed prices for standard homes will rise 2.51% nationwide from this year. By region, Seoul recorded the highest increase at 4.5%. It was followed by Gyeonggi (2.48%), Busan (1.96%), Daegu (1.52%), and Gwangju (1.50%). Jeju (-0.29%) was the only region where the assessed price fell.
By district within Seoul, Yongsan saw the largest increase in the officially assessed price for standard homes at 6.78%. It was followed by Seongdong (6.22%), Gangnam (5.83%), Mapo (5.46%), Seocho (5.41%), and Songpa (5.1%). Outlying areas such as Dobong (2.08%), Guro (2.17%), and Gangbuk (2.34%) rose less than the Seoul average.
The nationwide average officially assessed price for single-family homes was 173.85 million won. Seoul was the highest at 663.88 million won. It was followed by Gyeonggi (275.9 million won), Daejeon (218.82 million won), Ulsan (215.28 million won), Incheon (220.07 million won), and Sejong (195.45 million won).
Tax burdens are also expected to increase due to the rise in assessed prices. In the Han River belt, including the three core Gangnam districts in Seoul (Gangnam, Seocho, Songpa) and Yongsan, property holding taxes are expected to rise 10% to 15% from current levels.
The officially assessed price for standard land parcels will rise 3.35% nationwide, a larger gain than last year's 2.89%. It is the highest in four years since 2022 (10.17%). Seoul rose 4.89%, while Gyeonggi (2.67%), Busan (1.92%), Daejeon (1.85%), and North Chungcheong (1.81%) also posted increases.
The Ministry of Land, Infrastructure and Transport (MOLIT) plans to publish next year's officially assessed prices for standard land parcels and standard homes in the official gazette on Jan. 23 after the owner and local government opinion-gathering process is completed and the Central Real Estate Price Public Notice Committee reviews them.