Yangsan-si, Acquisition Tax Reduction for First-Time Home Buyers Until Year-End
Since July Last Year, 936 People Received 1.1 Billion Won in Tax Reduction Benefits
[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Sang-hyun] Yangsan City, Gyeongnam Province, announced on the 15th that the acquisition tax reduction for first-time homebuyers, which has been in effect since July last year, will be available until the end of this year.
For households with an annual income of 70 million KRW or less purchasing a home for the first time, acquisition tax is fully exempted (100%) for homes priced at 150 million KRW or less, and acquisition tax is reduced by 50% for homes priced between 150 million KRW and 300 million KRW.
According to the city, 936 citizens have benefited from this policy from the implementation date until the end of December, with a total amount of 1.1 billion KRW.
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A Yangsan City official stated, “This tax reduction system is scheduled to be applied until the end of 2021,” and added, “Based on the current trend, we expect to provide citizens with about 2.5 billion KRW more in acquisition tax reduction benefits in the future.”
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