Gangnam District Property Tax Surge Drives Installment Payment Spike

In 2024, the public appraisal price of apartments in Seoul's Gangnam district rose 25.8% year‑on‑year, pushing the housing‑portion of property tax up 16.3%. As a result, applications for installment payment of property tax more than doubled, reaching 2,925 cases by the end of July – a 111.9% increase from the previous year – and the total amount requested rose to 9.8 billion won.

The district government introduced several measures to help residents manage the higher tax burden, including an online “My Home Property Tax Preview” tool, dedicated counseling windows, QR‑code applications, and automated email delivery of tax notices.

Separately, the national government revised the comprehensive real‑estate holding tax (종부세) threshold, raising the taxable public appraisal value from 12 billion won to 14 billion won. About 70% of apartments in Gangnam’s three districts and the surrounding Han‑river belt fall within this range, prompting analysts to expect a shift in demand toward lower‑priced units and raising concerns that the tax change alone may not curb price growth amid limited housing supply.