Gangnam-gu, 211 Long-term Seized Real Estate Properties Auctioned
Since March Last Year, a Full Survey of 3,619 Seized Real Estates Conducted... Minimizing Administrative Waste through the Dissemination of Delinquent Collection Techniques
[Asia Economy Reporter Jongil Park] Gangnam-gu (District Mayor Jeong Soon-gyun) has identified 211 real estate properties that were seized and left unattended for a long time by 140 institutions nationwide (51 tax offices and 89 local governments) and will auction them off by the first half of this year.
This is the result of the district directly exercising its authority to minimize unnecessary delinquent tax amounts and provide personal rehabilitation opportunities to delinquent taxpayers pushed to the brink by COVID-19.
According to the Local Tax Collection Act, if a local government head finds that a seizing institution has not sold seized property for a long time, they can notify the institution to dispose of the property. If the institution does not take action within three months of receiving the notice, the local government can proceed with the sale.
Since March last year, the district has reviewed 3,619 real estate registration copies of seized properties belonging to delinquent taxpayers in the area and conducted a full investigation.
By assessing the practical benefits of the seizures, 211 properties corresponding to delinquent taxes amounting to 1.672 billion KRW were selected as top candidates for public auction.
Among these, 12 cases were notified to senior lien holders such as tax offices to request the Korea Asset Management Corporation to conduct the auction, 2 cases resulted in seizure cancellations, and 197 cases will be directly auctioned by the district.
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Shin Hojin, head of the Tax Management Division, said, “This is the first case where a local government, as a junior lien holder, has actively enforced the forced sale of seized real estate through administrative action. If this delinquent tax collection method spreads widely, it is expected that multiple seizing institutions can minimize administrative waste and provide delinquent taxpayers who have abandoned their rights to seized real estate for decades with an opportunity for personal rehabilitation.”
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