Seoul's Real Estate Tax Revenues Double over Last 5 Years

      September 16, 2021 08:19

      Residential property taxes collected by the Seoul Metropolitan Government this year totaled W3.3 trillion, almost double what they were five years ago (US$1=W1,170).

      The Moon Jae-in administration's failed real estate policy caused apartment prices to soar, and the government also raised the declared value of homes to reflect actual prices.

      According to Seoul city data, the metropolitan government collected W1.64 trillion in residential property taxes in 2016. But in 2017, when President Moon took office, and the following year, tax revenues increased 11 to 12 percent and in 2019 16 percent to W2.36 trillion.

      Last year they rose another 21 percent to W2.85 trillion.

      The declared price of an 84 sq.m apartment in Daechi-dong in the affluent Gangnam District rose from W730 million in 2016 to W1.7 billion this year, so the tax rose from W1.13 million to W3.41 million. 

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