Raemian One Bailli’s Official Price Up 33%, Ownership Tax Rises 56% to 28.55 Million Won [2026 Official Assessment Price]

Ownership Tax Increases Outpace Official Price Growth for High-End Apartments
Higher Property Values Face Steeper Progressive Tax Rates

This year, the officially assessed price for the 84-square-meter unit at Raemian One Bailli, a high-end apartment complex in Banpo-dong, Seocho-gu, Seoul, is 4,569,000,000 won. Compared to last year’s 3,436,000,000 won, this represents an increase of approximately 33%.

Ownership taxes, including property tax and comprehensive real estate tax, have risen even more sharply. According to estimates by the Ministry of Land, Infrastructure and Transport, if the fair market value ratio is applied at 60% for a single homeowner, the combined ownership tax increases from 18,290,000 won (with 7,460,000 won in property tax and 10,830,000 won in comprehensive real estate tax) to 28,550,000 won (with 9,470,000 won in property tax and 19,080,000 won in comprehensive real estate tax), which is a rise of more than 56%.

For ownership taxes, there is a regulation that annual increases cannot exceed 50% of the previous year’s tax, but local education tax and rural special tax (each charged at 20% of the respective tax amount) are added, so the actual amount to be paid becomes even higher. This is because various additional taxes are not included in the 50% increase limit.

Raemian One Bailli Shopping Mall, Banpo-dong, Seocho-gu, Seoul. Photo by Yongjun Cho jun21@

For the 111-square-meter unit at Shin Hyundai 9th Complex, the officially assessed price has increased by 36% over last year to 4,726,000,000 won. The ownership tax rises to 29,190,000 won (with 9,490,000 won in property tax and 19,700,000 won in comprehensive real estate tax), which is a 57% increase compared to last year. The comprehensive real estate tax is structured as a progressive tax, so the higher the property value, the higher the rate. Since high-end apartment prices have risen even more sharply this year, the actual tax burden will be even greater.

Even areas adjacent to the Han River, though not part of the “Gangnam 3 Districts,” have seen significant price increases, resulting in a higher ownership tax burden. For the 84-square-meter unit at Maporaemian Prugio, the officially assessed price has risen 39% to 1,723,000,000 won, and the estimated ownership tax is 4,390,000 won, up 52%. At Seoul Forest Riverview Ja-i in Seongdong-gu, the officially assessed price has increased by about 28% to 1,769,000,000 won, and this year’s ownership tax is expected to be 4,750,000 won, a 55% increase.

For lower-priced apartments, the increase is relatively modest. The 84-square-meter unit at Punglim Apartment in Nowon-gu is assessed at 558,000,000 won, up about 7% from last year. The ownership tax increases from 660,000 won to 710,000 won, a 7% rise. At Daesang Town Hyundai Apartment in Dobong-gu, the assessed price is 521,000,000 won, up about 4%, and the expected ownership tax is about 660,000 won, a 5% increase.

This content was produced with the assistance of AI translation services.