Seoul collected 3.8961 trillion won (approximately $2.9 billion) in housing property taxes this year, up 511.8 billion won, or 15.1%, from 3.3843 trillion won a year earlier. The total includes the base property tax, urban area levy, local resource facility tax and local education tax. The base property tax alone rose 17.6% to 2.1371 trillion won. Homes with officially assessed prices above 1.2 billion won were the main driver, generating 2.2541 trillion won, up 42.2%, and accounting for 57.9% of total revenue. Their taxable count increased 43.9% to 670,308, while the overall taxable count rose only 1.5%. Gangnam, Seocho and Songpa generated 1.7182 trillion won, or 57% of Seoul’s total increase. Dongdaemun recorded the fastest growth at 26.4%, after taxable homes above the threshold increased sixfold. Rising assessed prices also expanded the high-end category beyond traditional affluent areas. Analysts said high-end homes will continue to carry a large share of the burden next year, but mid- and lower-priced homes may account for more of the increase as Seoul’s price gains spread.