Haenam-gun, Property Tax Reduction for Good Landlords Overcoming COVID-19

Haenam-gun Office Building Exterior (Photo by Haenam-gun)

[Haenam＝Asia Economy Honam Reporting Headquarters Reporter Kim Hyun] Jeonnam Haenam-gun announced on the 28th that it will implement property tax reductions for benevolent landlords and high-end entertainment establishments such as nightclubs within the jurisdiction to help small business owners and self-employed individuals overcome economic difficulties caused by the spread of COVID-19.

Earlier, on the 16th, the county council passed the consent bill for benevolent landlord tax reductions and the consent bill for reduced heavy taxation on high-end entertainment establishments, and the county plans to promptly proceed with related procedures to alleviate the economic hardships of its residents.

Local tax support for benevolent landlords will provide up to a 50% reduction on the July property tax building portion within the scope of rent reductions for building owners.

Landlords who reduced rent from June last year to the end of May this year can submit a reduction application form and supporting documents to the county office’s finance department and receive a reduction on the property tax building portion according to the rent reduction rate at the time of tax imposition.

Property tax reductions for high-end entertainment establishments such as nightclubs will apply only to the property tax building portion imposed in July this year, applying the general tax rate (0.25%) instead of the heavy tax rate (4%) which is about 16 times higher, and will be reduced ex officio with tax imposed; if necessary, reduction applications will also be accepted concurrently.

County Governor Myeong Hyun-gwan said, “I hope this local tax reduction implementation will provide some economic relief to small business owners and self-employed individuals struggling due to COVID-19.”

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