Naju City 'Good Landlord Award' Property Tax Reduction

[Asia Economy Honam Reporting Headquarters Reporter Kim Yukbong] Naju City, Jeollanam-do (Mayor Kang In-gyu) announced on the 13th that it will promote property tax (building portion) reductions for "Good Landlords" who participate in rent reductions to help small business owners facing economic difficulties due to the prolonged COVID-19 pandemic.

The city also plans to reduce property taxes for overseas export small and medium-sized enterprises (SMEs) and parts import manufacturers that have suffered direct or indirect business damage to help overcome their management difficulties.

The reduction targets are building owners who decided to reduce rent or signed related agreements with tenants for more than three months prior to the tax base date (June 1). Property tax will be reduced by a minimum of 10% up to a maximum of 50%, depending on the rent reduction rate.

Even if the rent was reduced for less than three months, the reduction rate can be converted to a three-month basis, and if it is 10% or more, the reduction benefit can be received.

Tenant eligibility is small business owners as defined in Article 2 of the "Act on the Protection and Support of Small Businesses." However, tenants engaged in gambling or consumption activities such as high-end entertainment establishments and nightclubs are excluded from the reduction.

Additionally, the city plans to reduce property tax by 25% to 75% based on the sales decrease rate if overseas export SMEs and parts manufacturers with export/import ratios of 50% or more as of last year experience a sales decrease of 20% or more compared to the same period last year.

Applications for local tax reductions will be accepted at the City Hall Tax Department from May 18 to June 30.

Applicants who are Good Landlords should prepare and submit documents including the local tax reduction application form, lease contract, tenant business registration certificate, and a copy of the deposit account (from tenant to landlord).

Required documents for overseas export companies include the local tax reduction application form, value-added tax filing data for the same period last year (first quarter), and export/import-related materials.

A city official said, "We thank the Good Landlords who voluntarily participated in rent reductions to support small business owners and self-employed individuals facing economic difficulties due to COVID-19," adding, "We hope this local tax reduction will be of some help."

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