Gwangju City Imposes 152.1 Billion Won in Property Tax for July

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Gwangju Metropolitan City announced on the 14th that it imposed 152.1 billion KRW in regular property tax for July 2020 on houses and buildings.

This amount is 8.5 billion KRW (5.9%) higher than last year's 143.6 billion KRW, which is analyzed to reflect the increase in publicly announced prices due to the rise in actual transaction prices of houses, as well as the increase in newly built apartments and buildings.

Property tax is levied in July and September each year on property owners as of June 1.

The taxable items for this July property tax are half of the housing portion, buildings, ships, and aircraft. If the principal property tax is 200,000 KRW or less, it was imposed all at once this month, and the remaining half of the housing portion and the land portion of the property tax will be imposed in September.

The payment deadline for the imposed property tax is until the 31st of this month, and a 3% surcharge will be imposed if the payment deadline is exceeded.

Even without a tax notice, payment is possible at ATMs of all banks nationwide using bankbooks, cash cards, or credit cards, and it is convenient to pay without visiting financial institutions directly by using internet banking of the bank, Wetax, ARS, the Wetax smartphone app, virtual account deposits, KakaoPay, and so on.

In addition, Gwangju City is temporarily operating a property tax reduction until December for buildings whose rent has been reduced for small business owners struggling due to COVID-19.

The Good Landlord Property Tax Reduction is accepted at the tax department of the district office with jurisdiction over the building location, and the reduction target is buildings whose owners as of the property tax base date of June 1 have reduced or agreed to reduce rent by 10% or more for at least three months in 2020 to small business owners.

The property tax amount is reduced by 10 to 50% according to the rent reduction rate, and if it exceeds three months, 5% per month is added, allowing a maximum reduction of up to 1 million KRW.

For other inquiries about property tax imposition, contact the tax department of the district office where the property is located.

Kim Dong-hyun, the city tax officer, said, “Property tax is a resource for autonomous districts that carry out administration closest to residents, and we ask for active payment cooperation from citizens.”

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