Goyang City Offers Property Tax Reduction Benefits to 'Good Landlords' Who Voluntarily Lower Rent

Goyang City Hall

[Asia Economy Reporter Ra Young-cheol] Goyang City in Gyeonggi Province will provide property tax reduction benefits to 'Good Landlords' who voluntarily reduced rent for small business owners throughout last year.

The city announced on the 19th, "This property tax reduction is separate from the 50% income and corporate tax credit for Good Landlords conducted by the National Tax Service, and is part of Goyang City's support measures for small business owners implemented since last year."

The reduction targets and tax items are the property taxes on buildings imposed in July and land imposed in September last year on properties whose landlords voluntarily reduced rent from January to December last year. Depending on the rent reduction rate, landlords can receive a refund of up to 50%.

The application documents for the reduction include a local tax reduction application form, lease contract, small business owner confirmation from the tenant, and proof of rent reduction (such as a letter of commitment, agreement, or amended contract).

In particular, the lease contract must have been signed before January 31, 2020, and if renewed after February 1, a copy of the renewed contract is also required. Applicants should prepare the documents and submit them to the Land Property Tax Team of the tax department at the district office where the property is located within this month.

Mayor Lee Jae-jun expressed gratitude, saying, "We thank the landlords who actively participated in the 'Good Landlord Movement' by voluntarily reducing rent for small business owners struggling due to COVID-19," and emphasized, "Tax support such as property tax reduction is necessary for Good Landlords who set an example of coexistence in this crisis close to a national disaster."

Meanwhile, in addition to this property tax reduction and refund for Good Landlords, Goyang City announced the legislative notice for the 'Good Landlord Promotion and Support Ordinance' last November and is preparing for its promulgation early this year.

The 'Good Landlord Promotion and Support Ordinance' includes provisions to offer benefits such as parking fee reductions and partial support for repair costs of leased commercial buildings to Good Landlords.

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