Government, 2026tightening property tax on very high-priced and nonresident homes
The government 2026this year 7has proposed a tax reform direction that would increase the property tax burden on very high-priced apartments and nonresident homes. The key points are revising the property tax assessment rules and reducing the long-term holding special deduction for nonresidents.
The government is pushing ahead with real estate tax reform to tighten the property tax burden on very high-priced homes and nonresident homes. The core of this reform direction is to revise the property tax assessment rules and reduce the long-term holding special deduction for nonresidents.
The reform plan includes measures to strengthen the tax burden on owners of very high-priced apartments. It also includes a plan to reduce some tax benefits that had applied when nonresidents held domestic homes as their one prized property.
The details were disclosed in 2026this year’s 7related plan. The specific scope of application and the range of tax rate adjustments will be finalized later.
The reduction in the long-term holding special deduction is known to be aimed mainly at nonresidents. The extent of the reduction and the timing of its application will be determined in future legislative procedures.
The government explained that it plans to revise both the tax base and deduction rules for holding taxes. It said the purpose of the overhaul is to improve fairness and tax equity.
The timing of implementation and detailed items will be finalized through consultations among the relevant ministries and the legislative process. The schedule for submission to the National Assembly has not yet been announced.
The government says it aims to reduce tax avoidance through nonresident housing and improve tax equity for ultra-high-priced homes. The final plan and details of the law revision must be checked in a future notice.