Seoul property tax and minor rental income trends

Recent analyses highlight significant shifts in South Korea's real estate and tax landscape. A simulation based on KB Kookmin Bank data suggests that if Seoul apartment prices continue to rise at an annual rate of 11%, the Comprehensive Real Estate Tax (comprehensive property tax) will expand its reach. By 2030, taxable apartment complexes could increase from 78 to 101 across 22 of Seoul's 25 districts, effectively covering almost the entire city except for Gangbuk, Geumcheon, and Dobong. Total tax revenue from the analyzed complexes is projected to rise nearly ninefold, from 58.9 billion won to 526.2 billion won.

Separately, data from the National Tax Service reveals that over 3,000 minors in South Korea reported real estate rental income in 2024, totaling approximately 55.58 billion won. Notably, 179 children aged 0 to 5 were among the earners, with some infants as young as one year old reporting income. These earnings, averaging 17.2 million won per minor, are largely attributed to early inheritance or gifts from parents and grandparents. Lawmakers have called for stricter scrutiny of the sources of funds to prevent irregular inheritance and gift practices.