People Power Party lawmaker Lee Jong-wook analyzes Ministry of Land, Infrastructure and Transport data; objections jump from 2,451 to 6,066; nationwide apartment official prices up average 9.13% this year; Lee says President Lee and government are 'ignoring reality'
As apartment prices in Seoul and other major areas continue to climb, formal objections seeking lower official property valuations — which serve as the basis for property taxes, national health insurance premiums and other financial burdens — have jumped sharply.
According to data People Power Party lawmaker Lee Jong-wook obtained from the Ministry of Land, Infrastructure and Transport, the total number of objections filed against 2026 official apartment valuations reached 6,066 — about 2.5 times the 2,451 recorded last year. Requests specifically seeking downward adjustments jumped 7.8 times, from 561 last year to 4,379 this year.
The figure is the highest in five years, since 2021, when nationwide official apartment prices rose 19.05% and objections totaled 14,200.
Objection filings had been on a declining trend — 4,385 in 2023, 3,650 in 2024 and 2,451 last year — but reversed sharply this year after nationwide official apartment prices rose an average of 9.13% from the previous year.
Lee said the surge reflects both the financial anxieties and the lived reality of homeowners worried about higher property tax bills — including comprehensive real estate tax and local property tax — as well as rising national health insurance premiums.
The spike follows an earlier sign of discontent: the number of public comments submitted during this year's official valuation review period jumped roughly 3.5 times to 14,561, up from 4,132 last year. Challenges to the valuations grew at every stage, from the initial review through to formal objections filed after the final announcement.
The ministry assesses official apartment prices as of Jan. 1 each year, then conducts a public review and comment period before the Central Real Estate Price Disclosure Committee deliberates and issues a final ruling by April 30. Objections are accepted through May 29, reviewed, and revised valuations are published June 26.
"With home prices surging since the current administration took office, official valuations have risen sharply and homeowners are already feeling the effect of higher property taxes — yet President Lee Jae-myung keeps repeating that the effective property tax rate is too low and continues to push for further increases," Lee said. "The president and the government must immediately stop trying to control the real estate market through regulations and taxes, and shift their policy stance to prioritize housing stability and easing the financial burden on the public."
bigroot@heraldcorp.com
