Some 667-thousand taxpayers in South Korea will have to pay one-point-815 trillion won in housing taxes this year.

According to the National Tax Service(NTS) on Wednesday, 147-thousand more people are subject to the housing portion of the comprehensive real estate holding taxes this year compared to 2019, having to pay an additional 545 billion won.

Housing taxes are levied each year on people whose homes and land under possession exceed 600 million won in government-appraised value or 900 million won for owners of one home as of June 1.

The increase in both the number of taxpayers and taxes reflects the increase in the government-appraised prices and an upward adjustment in the percentage of the appraised price in calculating taxes.

Fifty-eight-point-nine percent of new taxpayers reside in Seoul, and they will pay 65-point-four percent of total taxes. Tax payments must be completed by December 15.