Yangsan City Implements 'Nation's First' Uniform 10% Property Tax Reduction

Implementation of 50% Fee Reduction for 141 Types of Certification Documents

Kim Il-gwon, Mayor of Yangsan City, Gyeongnam, is conducting a briefing on local tax reductions at the City Hall Press Center. (Photo by Yangsan City)

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Sang-hyun] Kim Il-gwon, mayor of Yangsan City, Gyeongnam, announced on the 3rd that he will significantly expand local tax reduction measures and promote various certificate fee reductions to support taxpayers facing difficulties due to the prolonged COVID-19 pandemic.

First, for the first time nationwide, a uniform 10% reduction in property tax will be implemented for general commercial buildings and industrial buildings.

Resident tax (business place portion) will be reduced by 50% for small business owners subject to the basic tax amount and for business places actually operating such as lodging facilities, restaurants, offices, and factories exceeding a total area of 330㎡. Large corporations are excluded from this measure.

For households with one house and a publicly announced land price of 600 million KRW or less, the housing tax rate will be reduced by 22-50% for three years.

Currently, there are no provisions for surcharge reductions in local taxes, so until related laws are introduced, the mayor is accepting applications by phone on his own authority and implementing a three-month collection deferral to prevent taxpayers from suffering losses.

Through these reduction measures, it is expected to alleviate a total tax burden of 5.5 billion KRW.

In addition, through an ordinance reducing fees for a total of 141 types of certificate documents by 50%, about 30 million KRW in fee benefits will be provided until the end of the year.

The necessary ordinances for implementation will be submitted at the March extraordinary session and are expected to be applied from April.

Mayor Kim said, “The reduction measures being promoted this time are intended to ease the difficulties of taxpayers and revive the stagnant local economy,” and added, “They will be applied immediately when property tax and resident tax are levied in 2021.”

For inquiries, contact the Collection Division of Yangsan City Hall.

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