The South Korean Ministry of Land, Infrastructure and Transport has announced that public housing prices for approximately 15.85 million households will be open for owner review and feedback from the 18th of this month until the 6th of next month. This process allows owners to express their opinions regarding the assessed values, which will then undergo internal review, expert assessment, and scrutiny by the Central Real Estate Price Publicity Committee before the final prices are announced on the 30th of next month. In addition, objections to the finalized public prices can be filed until May 29th, with the final confirmation expected by June 26th.

The public housing price is calculated annually by multiplying the market price by a reflection rate. The current administration under President Lee Jae-myung has decided to apply the same reflection rate of 69% as last year, emphasizing that the public housing price adjustment will only account for market price fluctuations. However, there is an expectation for significant increases in property tax burdens for many regions, particularly in the affluent areas of Gangnam, Seocho, and Songpa, due to the substantial rise in apartment prices observed last year.

This public housing price is a critical benchmark used in 67 different tax, welfare, and administrative systems, including property taxes, health insurance premiums, and basic pension calculations. The stability in the reflection rate is noteworthy, but the socio-economic implications are significant as property taxes are likely to rise in areas with booming real estate markets, impacting homeowners' financial responsibilities and government revenue strategies.