Bucheon-si, 'Good Landlord' Property Tax Reduction Up to 100%

Bucheon City Hall

[Asia Economy Reporter Park Hyesook] Bucheon City in Gyeonggi Province will provide local tax reductions to direct and indirect victims suffering from the spread of COVID-19 and to benevolent landlords who voluntarily reduce rent.

This year, landlords who reduce rent by more than 30% will receive up to a 100% reduction in property tax for July based on the cumulative rent reduction rate, and confirmed patients and quarantined individuals will be exempt from the 12,500 KRW resident tax individual portion.

Resident tax for business locations of confirmed patients and quarantined individuals, as well as for small business owners temporarily closed due to visits by confirmed patients, will be exempted, and automobile tax for commercial vehicles used for livelihood activities will also be waived. The local tax reduction agreement was passed at the April extraordinary meeting and will be applied starting from the June automobile tax.

Last year, the city granted local tax reductions totaling 156 million KRW across 5,114 cases, including 94 million KRW for benevolent landlords.

A Bucheon City official stated, "To share the pain of citizens and small business owners affected by COVID-19 and to help overcome the crisis, we will continue to implement local tax support policies such as deadline extensions, collection deferrals, delinquency disposition deferrals, and tax audit postponements."

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