Yangsan-si Increases Property Tax Reduction Benefits for Cooperative Landlords... Up to 75%

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Sang-hyun] Yangsan City, Gyeongnam Province, announced on the 13th that it will operate the concentrated application period for property tax reduction on buildings for co-prosperity landlords in July until the 25th of next month.

‘Co-prosperity landlords’ who reduce rent for small business owners by more than three months will receive a reduction in property tax on buildings ranging from a minimum of 10% to a maximum of 75%, proportional to the rent reduction rate. Yangsan City has increased the reduction rate by up to 25% compared to last year to expand support for co-prosperity landlords, allowing a maximum reduction of up to 75%.

Additionally, to allow for reductions on rent cuts after July, the application period has been extended, and even after paying this year’s property tax, refund applications are possible, thereby expanding the scope of support.

Applications for reduction can be submitted with the required documents including the local tax reduction application form, a copy of the lease contract, a modified contract and bankbook copy verifying the rent reduction, and tax invoices at the city hall tax department, Wungsang branch office, and eup/myeon administrative welfare centers. Applications by mail or fax are also accepted.

Last year, 620 landlords participated, reducing rent for 769 tenants and receiving tax benefits amounting to 170 million KRW in property tax.

A Yangsan City official stated, "In these difficult times, we hope the co-prosperity landlord participation campaign will become a beacon of hope for small business owners facing hardships," and added, "We ask that many landlords actively participate to help overcome the economic crisis."

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