Busan City Imposes Property Tax in July... 'Property' Increased Compared to Last Year

Regular Property Tax on Houses, Buildings, Ships, and Aircraft: 1.68 Million Cases, 382 Billion KRW
382 Billion KRW, Up 27 Billion KRW (7.6%) from Last Year... 3% Penalty for Late Payment

Property Tax Imposed Amounts and Growth Rates by Districts in Busan City.

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] The "assets" of Busan City have increased compared to last year.

Busan City announced on the 15th that it has sent 1.68 million property tax bills for July on houses, buildings, ships, and aircraft by mail or electronically.

Property tax is imposed annually on real estate owners as of the tax base date of June 1, regardless of the ownership period. In July, it is levied on buildings, ships, and aircraft, and in September, on land. For houses, the tax is split and levied half in July and half in September.

The property tax (including concurrent tax items) levied this July amounted to 382 billion KRW, an increase of 27 billion KRW (7.6%) compared to last year. The increase is attributed to the construction of large-scale apartment complexes and officetels, and the rise in building construction price base (2.8%).

Property tax payments can be easily checked and paid by July 31 through the mobile app (Smart Wetax), Busan Cyber Local Tax Office, or Wetax.

Additionally, payments can be made through various channels such as virtual accounts, automated response systems, convenience stores, banks (ATMs, utility payment machines), and also via KakaoPay. Especially, using electronic billing and automatic account transfer offers tax credit benefits.

If the property tax payment amount exceeds 2.5 million KRW and is 5 million KRW or less, the excess amount can be paid within two months after the due date. If the tax amount exceeds 5 million KRW, up to 50% of that amount can be paid in installments within two months.

Kim Kyung-deok, Busan City Finance Officer, stated, "Property tax is an important resource for the 16 districts and counties, and if not paid by the due date of this month 31st, a penalty of 3% will be imposed."

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