National Tax Service: "230,000 People Must Report Real Estate Excluded from Combined Property Tax by Next Month 5"

[Asia Economy Reporter Kwangho Lee] The National Tax Service announced on the 14th that it has sent notification letters to approximately 230,000 people to reflect properties excluded from aggregation and special tax treatment before the regular comprehensive real estate tax notice in November this year.

The reporting period for exclusion from aggregation and special tax treatment is from the 16th of this month to the 5th of next month.

The targets for exclusion from aggregation are rental housing and employee housing that meet certain conditions, as well as land for housing construction acquired by housing builders. If taxpayers holding such real estate submit an exclusion from aggregation report, the relevant properties will be excluded from taxation when the regular notice is issued in November, and the comprehensive real estate tax will be imposed accordingly.

The special tax treatment reporting targets are cases where the registered owner on the property register and the actual owner differ for properties registered under the names of Hyanggyo foundations and religious organizations. If the Hyanggyo foundation or religious organization submits a special tax treatment report listing the actual owner, the comprehensive real estate tax will be imposed on the individual organization that is the actual owner of the property.

Taxpayers who have previously submitted exclusion from aggregation reports must report any changes in property details (ownership or area). If there are no changes, there is no need to report again.

When filing electronically using Hometax, taxpayers can conveniently report remotely by using services such as the 'pre-fill' function for property details.

The National Tax Service stated, "If it is confirmed after applying for exclusion from aggregation that the conditions are not met, the taxpayer must pay the reduced tax amount and interest-equivalent surcharge additionally, so please check the legal requirements carefully before filing."

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