As state-appraised housing values have soared across the nation, the government says it will apply last year's values for people holding one home when calculating this year's property taxes. 

The change was announced on Wednesday by the land ministry, which said the temporary revision will apply to owners of a single home as of June 1. If the 2022 state-assessed price is lower than that of 2021, whichever is lower will be applied. 

The effort to ease the tax burdens of single-home owners comes as the average state-assessed housing value nationwide, including those of apartment units, has risen more than 17 percent over the past year. The state-appraised prices rose in all 17 major cities and provinces except the central administrative city of Sejong.

The government explained the change would allow single-home owners to pay similar levels of property-related taxes as last year. Those with a home valued at 600 million won or less will pay even less taxes than in 2020, it projected. 

Single-home owners aged 60 and older will also be allowed to postpone the payment of the so-called comprehensive real estate taxes.