Nowon-gu Imposes 45.9 Billion KRW in Regular Property Tax for July

As of June 1, 50% of the housing tax and the full building tax will be imposed on property owners... From this year, the installment payment amount for property tax is reduced from 5 million KRW to 2.5 million KRW

[Asia Economy Reporter Jong-il Park] Nowon-gu (District Mayor Oh Seung-rok) imposed 45.9 billion KRW in regular property tax for July 2020 on 232,034 houses and buildings in the area.

In July, half of the housing tax and the building tax are imposed, and in September, the other half of the housing tax and the land tax are imposed.

Especially from this year, the installment payment amount for property tax has been eased from 5 million KRW to 2.5 million KRW. If the principal property tax and urban area tax exceed 2.5 million KRW, taxpayers can apply to pay in installments within two months.

The taxpayer is the owner of the property (house, building, land, etc.) as of June 1 each year. If the sale occurs by June 1, 2020, the buyer is the taxpayer; if after June 2, the seller is the taxpayer.

The payment deadline is until the 31st of this month, and a 3% surcharge will be imposed if the deadline is missed. In particular, if the property tax amount exceeds 300,000 KRW, an additional monthly surcharge of 0.75% may be added for up to 60 months, so caution is required.

Property tax payments can be made at all financial institutions' cash withdrawal machines (CD/ATM) using cash cards, bankbooks, or credit cards in the name of the taxpayer or others without a tax bill. Payments can also be made electronically through the Seoul tax payment website or via the virtual account number listed on the tax bill without visiting financial institutions.

For those who have applied for automatic transfer, the amount will be withdrawn from the deposit account on the 31st of this month, so please check the account balance in advance to avoid non-payment due to insufficient funds.

Meanwhile, the district conducted a survey on non-taxable and exemption status and a comprehensive investigation of the usage status of houses and buildings by June to organize tax data accurately and ensure error-free property tax imposition.

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