Gwangju City "Check Changes in Property and Resident Taxes This Year"

Property Tax Rate Reduction for First-Generation Single-Homeowners Owning Homes Valued Under 600 Million Won

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] From this year, the property tax rate for homeowners with a single household owning a house with a publicly announced price of 600 million KRW or less has been reduced, and the resident tax categories have been simplified.

Gwangju Metropolitan City urged on the 17th to check the changes in property tax and resident tax according to the revised Local Tax Act this year.

Property tax will be reduced by 0.05% for three years on the housing portion of property tax for single household homeowners owning houses with a publicly announced price of 600 million KRW or less, based on the taxable standard brackets.

This property tax reduction is a follow-up measure in accordance with the ‘Realization Plan for Real Estate Publicly Announced Prices’ announced by the Ministry of Land, Infrastructure and Transport on November 3 last year, which aims to realize real estate publicly announced prices at 90% of market prices over 15 years.

Applying the revised tax rate, single household homeowners owning houses with a publicly announced price of 600 million KRW or less will receive a reduction of up to 180,000 KRW in housing portion property tax compared to the previous year.

Also, the resident tax, which previously consisted of five categories including uniform tax (individual, individual business owner, corporation), property tax, and employee tax, has been simplified into three categories: individual tax, business place tax, and employee tax, with the payment deadline unified to August.

Among these, the ‘business place resident tax’ integrates ▲the resident tax for individual business owners and corporations paid every August ▲and the property resident tax, which was reported and paid in July based on the business site area. It can be reported and paid to the local district office in August.

Kim Il-yong, Director of the City Autonomous Administration Bureau, said, “Since changes in property tax and resident tax, which are closely related to daily life, are significant, we will do our best to guide citizens so that they do not experience inconvenience,” and added, “We will strive to protect taxpayers’ rights and interests and to provide trusted tax administration.”

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