Songpa-gu, Comprehensive Survey of Rental Housing Real Estate

Complete Survey to Determine the Appropriateness of Tax Reduction for Rental Housing Real Estate by April

[Asia Economy Reporter Jong-il Park] Songpa-gu (Mayor Park Seong-su) will conduct a "comprehensive survey to determine the appropriateness of tax reductions on rental housing real estate" until April.

As of January 2020, there are 8,997 rental business operators owning houses in Songpa-gu, with 54,897 rental housing units.

This represents an increase of 1,431 rental business operators and 9,029 rental housing units compared to the previous year.

Since the implementation of the "Rental Housing Activation Plan" in the second half of 2018, Songpa-gu has been investigating the appropriateness of tax reductions on the significantly increased rental housing business real estate. This year, aiming to promote sound tax payment awareness and realize tax justice, the district explained that it finalized the survey plan early to meticulously manage rental business operators and rental housing.

A total of 23 investigators will be deployed to conduct the survey. Along with document reviews such as checking the registration status of rental business operators, if necessary, two-person teams will visit sites to verify facts.

To receive tax reductions for rental housing, rental housing business operators must own two or more houses or residential officetels nationwide for rental purposes. Additionally, the property tax reduction rate varies depending on the exclusive area of the rental real estate and the type of rental housing (short-term rental, long-term rental).

Songpa-gu will investigate this and, if inappropriate tax reductions are confirmed, will organize related data, guide rental business operators on relevant regulations, and recover the reduced local taxes.

Furthermore, promotional activities will be continuously conducted to ensure new applicants for tax reductions use the benefits appropriately according to their purpose.

Local residents who want to know more details about local tax reductions on rental housing real estate can contact the Tax Division 1 of Songpa-gu Office at 2147-2550.

Park Seong-su, Mayor of Songpa-gu, stated, "The number of rental business operators and rental real estate is increasing every year," and added, "We will make efforts for thorough management to prevent cases of unjustified tax reductions and to ensure post-management and fair taxation."

This content was produced with the assistance of AI translation services.