Ownership Tax Bomb: Even One‐Home Owners in Jamsil and Banpo Suffer…“Punitive Double Taxation” Debate Flare‐Up

Ownership Tax Bomb: Why Single‐Home Owners’ Wealth Tax Soared

Ownership Tax Bomb: With Seoul apartment appraisals up 3.25% on average in 2024. Single‐home owners faced a sharp rise in comprehensive real estate tax (CRET) liabilities. For instance, owners of a Jamsil Jugong-5 apartment (82.61 ㎡) saw their CRET jump from KRW 705,000 to KRW 1,557,000. 마곡 사무실 임대 According to the National Tax Service. CRET revenue from single‐home owners rose 25.9% to KRW 114.9 billion in 2024, while the number of liable households grew 15.8% to 128,913. Despite raising the exemption threshold from KRW 1.1 billion to KRW 1.2 billion and slightly cutting rates. oaring prices outpaced relief measures, swelling tax bills.

Appraisal Increases and Taxation Trends

In 2025, Seoul apartment appraisals rose 7.86%, directly increasing taxable values for CRET. Owners of an 84 ㎡ Eunma apartment in Daechi paid KRW 1.62 million—double the prior year—while Acro River Park owners in Banpo faced over KRW 6.5 million. The 2024 average CRET per single‐home owner was KRW 891,000; with this year’s appraisal hike, average bills are set to exceed KRW 1 million. These burdens amplify criticism that CRET functions as “punitive taxation” against genuine homeowners.

Calls for Relief vs. Government Caution

As CRET hits middle‐class homeowners, calls to ease or abolish the levy have resurged. President Lee Ji-myung labeled CRET “punitive” for single‐home owners during his campaign, and some ruling party members advocate its repeal for one‐home households. Yet the Ministry of Economy and Finance warns that altering real estate taxes could send disruptive market signals, maintaining a cautious stance. While critics decry overlapping CRET and property tax burdens, the government has no immediate plan for sweeping legal changes. auction market