Gwangju Nam-gu Offers Up to 75% Property Tax Reduction for 'Good Landlords'

Tax exemption up to 2 million won... Temporarily applied until the end of this year

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Nam-gu, Gwangju Metropolitan City (District Mayor Kim Byeong-nae) announced on the 27th that it will temporarily implement the ‘Good Landlord Property Tax Reduction Plan,’ which reduces property tax by up to 2 million KRW to ease the financial burden on small business owners struggling due to the prolonged COVID-19 pandemic, until the end of this year.

The Good Landlord Property Tax Reduction Plan is based on the Local Tax Special Cases Restriction Act and was recently prepared through the resolution of the Nam-gu Council to provide property tax reduction benefits to building owners who helped small business owners in crisis due to COVID-19 and to promote the Good Landlord movement.

The reduction targets under the Good Landlord Property Tax Reduction Plan are buildings whose owners have reduced rent by 10% or more on average per month for at least three months this year or have agreed to do so with small business tenants.

Depending on the rent reduction rate, property tax reduction benefits range from a minimum of 10% to a maximum of 75%, with a maximum reduction amount of up to 2 million KRW.

Compared to last year, the changes include an increase in the maximum reduction rate from 50% to 75% and an increase in the maximum reduction amount from 1 million KRW to 2 million KRW.

Additionally, even if the rent reduction period is two months or less, if the rent reduction rate corresponds to an average of 10% or more per month over three months, reduction benefits can still be received.

Applications for property tax reduction for good landlords will begin on June 1, the property tax assessment date.

Building owners wishing to receive the reduction benefits should prepare related documents such as the lease contract, rent reduction confirmation/agreement, and payment receipts, and submit them by visiting the Tax Division 2 on the 6th floor of Nam-gu Office, or by mail or fax.

District Mayor Kim Byeong-nae said, “I deeply thank the good landlords who shared the pain by reducing rent during these difficult times due to COVID-19,” and added, “I hope the Good Landlord movement spreads throughout the community, leading to mutual growth between landlords and tenants and revitalizing the local economy.”

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