Gyeonggi-do Imposes 1.7371 Trillion KRW in Property Tax... 10.6% Increase YoY

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Gyeonggi Province announced on the 15th that it imposed July regular property tax amounting to 1.7371 trillion KRW, an increase of 10.6% (165.9 billion KRW) compared to last year.

By tax category, the increase amounts are ▲ Property tax 73.1 billion KRW (11.2% increase) ▲ Urban area property tax (formerly urban planning tax) 47.4 billion KRW (10.2% increase) ▲ Local resource facility tax 30.7 billion KRW (9.6% increase) ▲ Local education tax 14.6 billion KRW (11.2% increase).

The highest property tax amount imposed was in Seongnam City (188.9 billion KRW), and the largest increase rate was in Gwacheon City (43.9%).

The province analyzed that the increase in property tax imposition was due to the rise in newly built houses and buildings through new town and land development, as well as the increase in official housing prices.

The taxpayers liable for July property tax are owners of houses, buildings, ships, and aircraft as of June 1 this year, and the housing property tax is imposed in two halves in July and September to ease the burden on taxpayers.

From this year, the threshold amount for applying for installment payment of property tax has been lowered from '5 million KRW or more' to '2.5 million KRW or more.'

The deadline for property tax payment is until the 31st of this month.

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