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Busan Metropolitan City Imposes KRW 409.8 Billion in Property Tax for July—An Increase of KRW 8.6 Billion Compared to Last Year

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Busan Metropolitan City (Mayor Park Heong-joon) announced that it has imposed and notified the July 2025 property tax (including local resource and facility tax and local education tax) on 1.83 million cases, totaling KRW 409.8 billion, for houses, buildings, ships, and aircraft.

Property tax is imposed on individuals who own land, houses, buildings, ships, or aircraft as of the tax base date (June 1 of each year), regardless of the ownership period.

Houses are taxed in July and September, with each period accounting for 50% of the total. Buildings, ships, and aircraft are taxed only in July, while land is taxed only in September.

This July's property tax shows an increase of KRW 8.6 billion (2.2%) compared to last year. While the assessed values of apartment complexes decreased by 1.67%, the rise is attributed to the following factors:
▲ an increase of 1.47% in the assessed values of individual houses
▲ a 2.4% rise in the standard construction cost index
▲ the construction of large-scale apartment complexes, officetels, and major buildings

<Property Tax Change in July 2025>
(Unit: thousand cases, KRW 100 million)

Category	2025	2024	Difference	Percentage
	Cases	Amount	Cases	Amount
Property Tax	1,826	4,098	1,797	4,012

※ Includes property tax (including urban area portion), local resource and facility tax (fire service portion), and local education tax.

To ease the tax burden for single-homeowners again this year, the fair market value ratio has been maintained:
43% for properties with an assessed value of up to KRW 300 million,
44% for those between KRW 300 million and KRW 600 million, and
45% for properties exceeding KRW 600 million.

By district, Haeundae-gu recorded the highest property tax at KRW 78.3 billion, followed by Gangseo-gu with KRW 45.3 billion and Busanjin-gu with KRW 39.1 billion. The lowest amounts were in Yeongdo-gu (KRW 6.9 billion), Jung-gu (KRW 9.2 billion), and Seo-gu (KRW 10.8 billion).

<July 2025 Property Tax by District>
(Unit: KRW 100 million)

Rank	District	Amount	Share	Rank	District	Amount	Share
1	Haeundae-gu	783	19.1%	9	Saha-gu	215	5.2%
2	Gangseo-gu	453	11.1%	10	Geumjeong-gu	177	4.3%
3	Busanjin-gu	391	9.5%	11	Buk-gu	170	4.1%
4	Gijang-gun	327	8.0%	12	Sasang-gu	170	4.1%
5	Nam-gu	288	7.0%	13	Dong-gu	116	2.8%
6	Dongnae-gu	283	6.9%	14	Seo-gu	108	2.6%
7	Suyeong-gu	229	5.6%	15	Jung-gu	92	2.2%
8	Yeonje-gu	227	5.5%	16	Yeongdo-gu	69	1.7%

Taxpayers who received their July property tax bills must pay by July 31. Failure to do so will result in a 3% late payment penalty.

To facilitate on-time payments, the city offers various payment methods. Citizens can use the Smart WETAX mobile app, Internet Giro (www.giro.or.kr), or WETAX (www.wetax.go.kr) to easily view and pay their tax bills from anywhere.

Other available methods include payment via virtual (dedicated) accounts, the ARS system (☎142211), ATMs (cash dispensers and bill payment kiosks), and KakaoPay.
Notably, those who opt for electronic billing and automatic account transfer are eligible for a tax credit.

Shin Jong-bae, Director of Tax Administration at Busan Metropolitan City, stated,
“Property tax is a vital revenue source for local governments, supporting essential public services in districts and counties. We urge all taxpayers to ensure timely payment of their property tax to help expand these public services.”