Following a significant surge in apartment prices in the Gangnam area and along the Han River in Seoul, property taxes for homeowners are expected to increase substantially this year, with estimates suggesting rises of 40-50% in the most affected districts. The Ministry of Land, Infrastructure and Transport has outlined that the official property values for key apartment complexes will reflect these changes, particularly in Gangnam, with notable examples such as a prime property in Apgujeong-dong experiencing a staggering 36% increase in assessed value.

Despite these increases, critics point out that the current government, under President Yoon Suk-yeol, has lowered the property value realization rate and market price ratio, leading to a situation where even with these rising values, the actual tax assessments are still considered low compared to the market trends. For instance, the property tax for a prominent 84㎡ apartment in Mapo-gu has been calculated to rise by 52.1%, yet remains relatively modest in absolute terms, reflecting ongoing discussions over tax policies and property value assessments in the context of soaring real estate prices.

The contrast in property tax increases is evident, with high-end properties in affluent areas experiencing sharp hikes, while neighborhoods in northern Seoul, such as Nowon, will see property tax levels remaining stable due to lower increases in assessed values. These developments raise important questions about housing affordability, tax fairness, and the government's approach to managing the real estate market during times of inflationary price pressure.