Gwangsan-gu Grants Property Tax Reduction to 'Good Landlords' Again This Year

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Gwangsan-gu, Gwangju Metropolitan City (District Mayor Kim Sam-ho) announced on the 25th that it will implement property tax reductions for ‘Good Landlords’ this year as well, to overcome the economic crisis caused by COVID-19, following last year.

The district will start accepting applications for the ‘Good Landlord’ property tax reduction from the 1st of next month.

The eligible buildings are those owned by landlords who have reduced rent by 10% or more for three consecutive months or more in 2021, or have agreed to reduce rent by that amount, for small business tenants.

However, if the reduction period is less than three months, the rent reduction rate will be applied by converting it to a three-month equivalent.

The reduction amount is calculated by multiplying the property tax assessed amount by the rent reduction rate, with a maximum limit of 2 million KRW.

If the rent reduction period exceeds three months, 5/100 is multiplied by the number of months exceeding three and added to the rent reduction rate.

The maximum limit for this is 75%, expanding the reduction benefits compared to last year (maximum 50%, limit of 1 million KRW).

A Gwangsan-gu official said, “We expect that local tax support for Good Landlords will promote coexistence between landlords and tenants.”

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