Hampyeong-gun, Bitgreen Industrial Complex Effect Leads to 10% Increase in Property Tax Compared to Previous Year

July Regular Charge of 1.947 Billion KRW Imposed

Gwangju Global Motors Co., Ltd. Secures Growth Engine with New Factory Construction

[Hampyeong=Asia Economy Honam Reporting Headquarters Reporter Kim Chunsu] With the establishment of the Gwangju Global Motors automobile factory on the Bitgreen Industrial Complex site in Wolya-myeon, Hampyeong, it has been revealed that the county is playing a significant role in securing local tax revenue.

According to the county on the 14th, the total property tax imposed this year amounted to 15,084 cases totaling 1.947 billion KRW. Although the number of cases decreased by 547 compared to last year (15,631 cases), the amount increased by about 179 million KRW, a 10.1% rise from last year's 1.768 billion KRW.

Among these, the tax amount related to industrial buildings increased from 147 million KRW (54 companies) as of June 1, 2020, to 161 million KRW (52 companies) as of June 1, 2021, with an additional 142 million KRW from newly constructed buildings, resulting in a total increase of 156 million KRW.

Officials explained that the tax amount due to the construction of the Gwangju Global Motors factory accounted for the largest impact, at 114 million KRW.

This is a reduced property tax on industrial buildings (75% reduction), and it is expected that after the five-year exemption period ends, more tax revenue can be collected considering the building value and other factors.

Additionally, the end of the 75% reduction period (five years) for industrial buildings of 10 companies in the Dong Hampyeong Industrial Complex, the construction and expansion of about 100 livestock barns, and the construction of factory buildings also contributed to the increase in tax revenue.

Accordingly, Hampyeong County, which has traditionally been centered on primary industries such as agriculture and fisheries, is moving away from rural-centered administration through the development of the Bitgreen Industrial Complex and attracting factories within the county, viewing this as a new driving force for economic revitalization.

In particular, it is expected to gain further momentum if additional automobile parts manufacturing factories are attracted following the lead of the Gwangju Global Motors automobile manufacturing and sales factory.

Moreover, the recent positive consideration of attracting Kumho Tire's Gwangju factory to Hampyeong has also turned on a green light for securing county finances.

County Governor Lee Sang-ik emphasized, “Our county was a representative rural administrative area with 70% of residents engaged in primary industries, but now we are finding new growth engines through the development of the Bitgreen Industrial Complex,” adding, “We will accelerate efforts to attract various factories to the Bitgreen Industrial Complex and take the lead in increasing financial independence.”

Meanwhile, property tax payers are those who own houses or buildings within Hampyeong County as of June 1. Property tax (principal) on houses is imposed twice in July and September only on taxpayers whose tax exceeds 200,000 KRW.

Starting this year, the tax rate for houses with a publicly announced price of 900 million KRW or less owned by single-household owners has been reduced by 0.05% for each tax base bracket, reducing the property tax burden. The deadline for property tax payment is August 2, and a 3% penalty tax will be imposed if payment is not made by the deadline.

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