South Korea's Ministry of the Interior and Safety announced a 2026 Local Tax Reform Package that raises the assessed-value threshold for the luxury home acquisition tax surcharge from 900 million won (about $650,000) to 1.2 billion won (about $870,000). Because luxury homes pay an additional 8 percentage points on top of the standard acquisition tax rate, the change will reduce the number of properties subject to the surcharge. Floor-area standards will also be differentiated by region, with more relaxed rules outside the Seoul metropolitan region, while safeguards will limit the exclusion of common areas to the combined total of 100% of exclusive floor area plus essential facility area. The package extends a 0.05 percentage-point property tax reduction for single-home households with homes assessed at 900 million won or less through 2029, saving about 200,000 won a year on a home at that value. It also expands first-time buyer support, tightens disposal rules for some temporary two-home owners, raises taxes on membership golf courses and high-end entertainment facility land, and redirects regional tax incentives toward non-metropolitan and population-decline areas. Other measures support cooperatives, housing supply, regional unsold apartments, overseas business expansion and local housing welfare. The amendments will be subject to legislative notice from the 27th through September 23 and are scheduled for submission to the National Assembly in late October.