Gwangju Dong-gu, Property Tax Reduction for Good Landlords 추진

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Dong-gu, Gwangju Metropolitan City (Mayor Im Taek) announced on the 9th that it will promote property tax reductions for benevolent landlords (building owners) who lower building rents for small business owners in the region.

This decision to extend the property tax reduction, which was temporarily applied for one year last year due to the prolonged COVID-19 pandemic, was made on the 8th after obtaining approval from the Dong-gu Council as the need for the reduction reemerged.

The reduction applies to buildings whose owners, as of the property tax assessment date (June 1, 2021), have reduced rent by 10% or more for at least three months or have agreed to do so.

This year, the property tax reduction requirements have been relaxed to allow reductions even if the rent reduction period is less than three months, by converting it to a three-month equivalent, provided the reduction is 10% or more. The reduction benefit has also been expanded to range from 10% to 75%, with a maximum limit of 2 million KRW.

Applications can be submitted in person or by mail to the Taxation Division 1 starting from June 1.

However, businesses classified as high-end entertainment venues, nightlife businesses, gambling, or speculative industries, or lease contracts between building owners and their family members, are not eligible for the reduction.

Mayor Im Taek of Dong-gu said, “Through rent reductions and property tax cuts, we hope that small business owners and landlords who are struggling due to COVID-19 will overcome this crisis through mutual coexistence and cooperation. Dong-gu will also do its utmost to revitalize the local economy and protect small business owners.”

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