Jinju City Offers Up to 75% Property Tax Reduction for 'Win-Win Landlords' Who Lower Rent

Applications for Relief Submission Accepted Until June 18, Expecting Establishment of Win-Win Culture Between Small Business Owners and Building Owners

Jinju City Hall Exterior View

[Asia Economy Yeongnam Reporting Headquarters Reporter Choi Soon-kyung] Jinju City, Gyeongnam Province, will reduce property tax on buildings by up to 75% this year for landlords who lower building rents to ease the burden on small business owners struggling due to the novel coronavirus infection (COVID-19) and to revitalize the local economy.

According to the city, landlords who reduce monthly rent by more than 5% for at least three months during the period from January to December this year will receive a property tax reduction on buildings ranging from 10% to a maximum of 75%, depending on the monthly rent reduction rate.

This is an additional 25% reduction compared to the maximum 50% reduction given last year, and it is expected that more win-win landlords will participate accordingly.

The application period for the reduction is from the 10th to June 18th, and applications can be submitted to the Jinju City Tax Division, eup/myeon offices, or dong administrative welfare centers, or through the Munseo 24 website. Even if the application period is missed, refunds can be made if the reduction conditions are met.

Last year, through the win-win landlord campaign, rent was reduced by 709 million KRW for small business owners, and 71 million KRW in property tax was reduced.

Additionally, Jinju City will also waive penalties on local tax arrears arising from small business owners' failure to pay local taxes imposed since 2020 on time due to difficulties caused by COVID-19, and exempt property tax on temporary buildings used by private medical institutions for COVID-19 response, such as temporary clinics.

A city official said, “We hope to establish a culture where small business owners and landlords can coexist amid the prolonged economic downturn caused by COVID-19 and contribute to revitalizing the local economy,” urging active participation from win-win landlords.

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