Yeosu City Accepts Applications for 'Good Landlord Property Tax Reduction'

Applications Accepted from the 20th to the 26th of Next Month, Applied to July's Building Property Tax Charges

[Asia Economy Honam Reporting Headquarters Reporter Lee Hyung-kwon] Yeosu City, Jeollanam-do announced on the 20th that it will begin accepting applications for property tax reductions for building owners who lowered rent for small business owners struggling due to COVID-19.

The city will accept reduction applications from the 20th until July 26th following the approval of a local tax reduction agreement by the city council on the 8th, which grants property tax reductions to landlords participating in the Good Rent Movement.

The reduction targets building owners who lowered rent for small business owners, as defined by the Act on the Protection and Support of Small Businesses, for more than three months around the property tax assessment date (June 1). Property tax on the relevant buildings will be reduced by the rent reduction rate, ranging from 10% up to a maximum of 50%.

Even if the rent reduction period is less than three months, the reduction will be calculated on a three-month basis. For landlords who provide long-term rent reductions, the reduction rate will be increased by a certain percentage.

To apply for the reduction, applicants must visit the Taxation Division with a local tax reduction application form, lease contract, and a copy of the rent transaction account. For detailed inquiries, contact the Yeosu City Taxation Division.

This local tax reduction for good landlords will be applied temporarily to the building property tax levied in July.

A city official stated, “We thank all the good landlords who actively participated in the Good Rent Movement during these difficult times due to COVID-19, giving strength and hope to small business owners,” and urged, “Please make sure to apply within the period to receive the benefits.”

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