Suncheon-si, Property Tax Reduction for Good Landlords Sharing COVID-19 Burden

[Asia Economy Honam Reporting Headquarters Reporter Kim Chunsu] To ease the burden on small business owners struggling due to the impact of COVID-19 and to revive the local economy, property tax on buildings will likely be reduced for landlords who lower rent.

According to Suncheon City on the 16th, the city plans to partially or fully reduce the property tax on the relevant portion of buildings, levied in July, reflecting the rate and period of rent reduction for landlords who reduce rent from February to May this year.

However, property tax on buildings classified as high-end entertainment venues such as nightclubs will be excluded from the reduction.

The city will submit the property tax reduction plan to the Suncheon City Council, and if approved, will accept reduction applications around April. Detailed information on the reduction contents and application procedures will be announced through the city’s website.

Additionally, Suncheon City plans to actively implement local tax support measures such as deadline extensions, collection deferrals, and tax audit postponements to support small business owners directly or indirectly affected by COVID-19, including those in travel, accommodation, and food service industries facing business closures and sales declines.

A Suncheon City official stated, “As a prolonged economic downturn is expected due to COVID-19, we plan to provide multifaceted support to establish a culture where small business owners and landlords can coexist and to revitalize the urban community.”

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