Changwon City to Promote Up to 50% Property Tax Reduction for Good Landlords

Changwon City Hall Panorama

[Asia Economy Yeongnam Reporting Headquarters, Reporter Kang Sharon] Changwon City, Gyeongnam Province, announced on the 17th that it will promote property tax reductions for landlords who lower rent for small business owners facing difficulties such as management hardships and lack of funds due to the spread of the novel coronavirus infection (COVID-19).

The city plans to reduce the property tax on buildings for landlords who participate in the recently spreading "Good Landlord Movement" by up to 50% of the rent reduction rate if they lower rent before or on the property tax assessment date (June 1) for small business owners. However, luxury entertainment venues and golf courses subject to heavy taxation are excluded from the reduction.

If the property tax reduction ordinance is approved by the council in April, applications for the reduction will be accepted from early May, and the reduction will be applied to the building property tax levied in July.

The city urged, "We ask many people to join the 'Good Landlord Movement' so that small business owners struggling due to COVID-19 can overcome this crisis."

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