Seongnam City Accepts Additional Applications for Property Tax Reduction for Good Landlords

Seongnam City Hall

[Asia Economy (Seongnam) = Reporter Lee Young-gyu] Seongnam City in Gyeonggi Province is accepting additional applications for property tax reductions of up to 100% for building owners (good landlords) who have lowered rent for small business owners struggling due to COVID-19.

The reduction targets landlords who have reduced rent since the beginning of this year when COVID-19 started. Seongnam City plans to calculate and reduce property tax based on the rate of rent reduction.

This applies to both the regular property tax for buildings in July and the land tax in September this year.

The city has already reduced 42.2 million KRW in property tax for 422 cases of building tax in July since the city council approved the property tax reduction for good landlords on March 31.

Based on this, the city estimates that the land tax for September this month will be reduced and supported by 160 million KRW (422 cases).

Good landlords who wish to receive the property tax reduction should submit an application form, a copy of the lease contract, and proof of rent reduction to the tax department of the Sujeong, Jungwon, or Bundang district offices where the building is located.

Good landlords who have already paid the regular building property tax will receive a refund retroactively.

Jeon Seok-bae, head of the city tax department, explained, "The property tax reduction is a support measure for building owners who voluntarily lowered tenants' rent and set an example of coexistence despite the difficult economic situation caused by the COVID-19 crisis."

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