Jinju City Lowers Property Tax on Housing for Single-Homeowners

Applications for Exclusion of Houses from Housing Count Must Be Submitted by the 21st to Receive Benefits

Jinju City Hall Exterior View

[Asia Economy Yeongnam Reporting Headquarters Reporter Choi Soon-kyung] Jinju City, Gyeongnam Province, announced on the 15th that this year, when levying property tax, a special tax rate of 0.05~0.35%, reduced by 0.05%P from the standard tax rate of 0.1~0.4% by tax base bracket, will be applied only to single-family homeowners with an official property price of 600 million KRW or less.

This is in accordance with the revision of the Local Tax Act aimed at stabilizing housing for low-income households and easing tax burdens. Single-family homeowners will be levied property tax on their houses with the reduced tax rate applied without a separate application.

The definition of a single household for calculating the number of houses is based on the family registered in the resident registration under the Resident Registration Act. Spouses and unmarried children under 19 years old are considered the same household even if they have different addresses.

If a household merges to cohabit and support parents aged 65 or older, it is recognized as an independent household.

The number of houses is the sum of houses owned by each household member, and even if only a share or only the land attached to the house is owned, it is considered as one house.

However, inherited houses (less than 5 years elapsed), houses owned before marriage (less than 5 years elapsed), employee-provided houses (market standard price 300 million KRW or less), unsold houses (less than 5 years elapsed), and houses acquired by debt settlement are excluded from the calculation of the number of houses.

In this case, a separate exclusion application must be submitted by the 21st to receive the special tax rate benefit. The exclusion application can be submitted through Wetax or by visiting the city tax department.

A city official stated, “The reduction of property tax on houses for single-family homeowners is a measure to stabilize housing for low-income households and to ease the tax burden due to the realization of official property prices. We hope that owners of houses excluded from the calculation will apply without omission to receive tax benefits.”

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