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Busan Metropolitan City Levies KRW 422.2 Billion in July Property Tax, Up KRW 12.4 Billion (3.0%) from Last Year

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Busan Metropolitan City (Mayor Chun Jae-soo) announced that it has issued property tax bills for July 2026, including the Regional Resource Facilities Tax and Local Education Tax, totaling KRW 422.2 billion across 1.85 million taxable properties, including houses, buildings, ships, and aircraft.

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

For residential properties, property tax is divided equally between July and September. Property tax on buildings, ships, and aircraft is levied only in July, while property tax on land is levied only in September.

The total amount of property tax levied this July increased by KRW 12.4 billion (3.0%) compared to July 2025.

The increase is attributed to a 1.13% rise in the officially assessed value of apartment complexes, a 1.94% increase in the officially assessed value of detached houses, a 3.6% increase in the standard construction cost used for taxation, and the completion of large apartment complexes, officetels, and other major buildings.

July 2026 Property Tax Assessment

Unit: Thousand Cases, KRW 100 Million

Category: Property Tax

2026
Number of Cases: 1,848
Amount: 4,222

2025
Number of Cases: 1,826
Amount: 4,098

Increase
Number of Cases: 22
Amount: 124
Rate: 3.0%

The total property tax assessment includes Property Tax (including the Urban Area Tax component), the Regional Resource Facilities Tax (Fire Services), and the Local Education Tax.

To continue easing the property tax burden on owners of a single home per household in 2026, the fair market value ratio has been maintained at the same level as in 2025: 43% for homes with an officially assessed value of KRW 300 million or less, 44% for homes valued above KRW 300 million and up to KRW 600 million, and 45% for homes valued above KRW 600 million.

By district and county, Haeundae-gu recorded the largest property tax assessment at KRW 80.7 billion, followed by Gangseo-gu at KRW 47.6 billion and Busanjin-gu at KRW 40.0 billion. The smallest assessments were recorded in Yeongdo-gu at KRW 6.9 billion, Jung-gu at KRW 9.3 billion, and Seo-gu at KRW 10.8 billion.

July 2026 Property Tax Assessment by District and County

Unit: KRW 100 Million

• 1.Haeundae-gu — 807 (19.1%)

• 2.Gangseo-gu — 476 (11.3%)

• 3.Busanjin-gu — 400 (9.5%)

• 4.Gijang-gun — 331 (7.8%)

• 5.Nam-gu — 317 (7.5%)

• 6.Dongnae-gu — 289 (6.8%)

• 7.Suyeong-gu — 240 (5.7%)

• 8.Yeonje-gu — 232 (5.5%)

• 9.Saha-gu — 215 (5.1%)

• 10.Geumjeong-gu — 179 (4.2%)

• 11.Buk-gu — 169 (4.0%)

• 12.Sasang-gu — 166 (3.9%)

• 13.Dong-gu — 131 (3.1%)

• 14.Seo-gu — 108 (2.6%)

• 15.Jung-gu — 93 (2.2%)

• 16.Yeongdo-gu — 69 (1.6%)

The total property tax assessment includes Property Tax (including the Urban Area Tax component), the Regional Resource Facilities Tax (Fire Services), and the Local Education Tax.

Taxpayers receiving July property tax bills must make payment between July 16 and the payment deadline of July 31. Payments made after the deadline will incur an additional 3% late payment surcharge.

Busan Metropolitan City offers a variety of payment methods to help residents pay conveniently before the deadline.

Taxpayers can conveniently check and pay their taxes anytime through the Smart Wetax mobile app, Giro (www.giro.or.kr), or Wetax (www.wetax.go.kr).

Payments may also be made through dedicated virtual accounts, the ARS service (☎142211), banks (ATMs and public utility payment kiosks), and KakaoPay. Taxpayers who use electronic billing together with automatic account withdrawal are also eligible for tax deduction benefits.

Lee Kyung-duk, Director General for Finance, stated, “Property tax is an essential source of independent revenue for local governments and provides the financial foundation needed to deliver public services in districts and counties. We kindly ask all taxpayers to pay their property tax within the designated payment period so that these public services can continue to expand.”