"Property Tax Due by August 2 for July This Year"… 4.64 Million Cases, 2.3098 Trillion Won

10 Million Cases and 248.7 Billion KRW Tax Increase Compared to July Last Year

[Asia Economy Reporter Lim Cheol-young] The Seoul Metropolitan Government announced on the 14th that it will send property tax bills for housing and buildings for the July installment this year in 25 autonomous districts, guiding payment by August 2.

Starting with this property tax, a special reduced tax rate will be applied to houses owned by single households with a publicly announced price of 900 million KRW or less, easing the tax burden on actual single homeowners.

The property tax levied in July in the 25 autonomous districts of Seoul amounts to a total of 4.64 million cases, totaling 2.3098 trillion KRW. By taxable type, it includes 1.6546 trillion KRW for housing and 639.3 billion KRW for buildings (non-residential). The property tax imposed this July increased by about 100,000 cases and 248.7 billion KRW (12.1%) compared to July last year.

Among the 25 autonomous districts, Gangnam-gu has the highest property tax levy with 308,000 cases amounting to 397.2 billion KRW, while Gangbuk-gu has the lowest with 120,000 cases and 22.2 billion KRW. For taxpayer convenience, installment payment of property tax is possible if the payable amount exceeds 2.5 million KRW, and taxpayers wishing to pay in installments can apply to the autonomous district office with jurisdiction over the property.

The property tax bills sent this month include enclosed guides in English, Chinese, Japanese, French, German, and Mongolian for foreign taxpayers, and separate Braille guides were enclosed and sent to about 2,300 visually impaired individuals.

Additionally, all property tax bills sent this month have printed voice conversion barcodes for the visually impaired, expanding convenience services so that anyone can easily listen to local tax levy details via a mobile phone app.

Lee Byung-han, Director of the Finance Bureau, said, “Citizens may miss the payment deadline due to busy daily lives and suffer disadvantages such as a 3% surcharge and real estate seizure, so we urge everyone to make sure to pay within the deadline using eTax and other means.”

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