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%

National average: ~1.1%

%

% of market value used for tax

₩5,500,000

per year

₩458,333

per month

1.10%

of home value

₩500,000,000

after exemptions

Tax Calculation Breakdown

Market Value₩500,000,000
× Assessment Ratio100%
= Assessed Value₩500,000,000
= Taxable Value₩500,000,000
× Tax Rate1.1%
= Annual Property Tax₩5,500,000

Property Tax by Home Value (at 1.1% rate)

Home ValueAnnual TaxMonthlyDaily
₩200,000₩2,200₩183₩6
₩300,000₩3,300₩275₩9
₩400,000₩4,400₩367₩12
₩500,000₩5,500₩458₩15
₩750,000₩8,250₩688₩23
₩1,000,000₩11,000₩917₩30

State Property Tax Comparison ($500000k home)

StateAvg RateAnnual TaxMonthly
NJ2.47%₩12,350,000₩1,029,167
IL2.27%₩3,779,550₩314,962
NH2.18%₩10,900,000₩908,333
CT2.14%₩7,490,000₩624,167
VT1.9%₩9,500,000₩791,667
WI1.85%₩9,250,000₩770,833
TX1.8%₩9,000,000₩750,000
NE1.73%₩8,650,000₩720,833
NY1.72%₩8,600,000₩716,667
PA1.58%₩7,900,000₩658,333

About Property Taxes

Assessment Ratio: The percentage of market value used to calculate taxes. Varies by state.

Homestead Exemption: Reduction in taxable value for primary residence. Check your state/county.

Note: Actual taxes depend on local rates (county, city, school district). This is an estimate.

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