How to calculate the immigration property tax for buying a house in Korea?

1) Know the local laws and regulations first.

2) Korean property tax = real estate tax

3) Calculated according to the charging ratio of 1 100 million won: 1 100 million = 0.5%/ year (property tax).

4) Korean property tax is levied in addition to property tax.

5) Mainly for high-end housing, aiming at suppressing high housing prices and promoting wealth redistribution.

6) Although the comprehensive real estate tax is a national tax, the Korean government distributes the tax to local governments to help narrow the economic development gap between regions.

7) According to the report given by Baidu data, the Korean government began to levy comprehensive real estate tax in 2005. The tax target is the housing with more than 600 million won, and the tax rate is 1% to 3%. However, since the target house price is 60% to 70% of the market price, the actual tax rate is much lower. In 2007, the effective tax rate of comprehensive real estate tax reached the peak of 0.87%.