Sejong City, 'Good Landlord' Property Tax Reduced by Up to 50%

[Asia Economy (Sejong) Reporter Jeong Il-woong] Sejong City will provide additional property tax reduction benefits to so-called ‘good landlords (building owners).’

The city announced on the 24th that it has decided to offer such benefits to good landlords who share the difficulties of small business owners due to COVID-19.

The property tax reduction targets are building owners who reduced rent for small business tenants during the first half of this year.

The city plans to reduce property tax (building and land portions) by up to 50% based on the average rent reduction rate over three months.

By adding property tax reduction benefits to the income tax reduction benefits granted to good landlords last year, the city aims to encourage local building owners to participate in rent reduction.

However, high-end entertainment businesses such as gambling halls and adult entertainment establishments are excluded from support according to the law.

The city will continue the existing good landlord campaign separately from the property tax reduction.

The good landlord campaign has been conducted by providing ‘Good Coexistence Store’ stickers to tenant stores that lowered rent to help reduce the rent burden on small business owners and by sharing the status of these stores on the city’s website.

Additionally, landlords participating in the campaign were given Hapgang Camping Site usage tickets. As of this month, the city has identified a total of 39 good landlords.

Participation in the good landlord campaign can be referenced on the city’s website or through guidance from the Corporate Support Division at City Hall.

Lee Chun-hee, Mayor of Sejong City, said, “We deeply appreciate landlords who have participated in rent reduction amid the prolonged COVID-19 situation. The city will continue to expand the good landlord campaign to establish a culture of coexistence between small business owners and building owners.”

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