Gwangjin-gu Imposes 53.7 Billion KRW in July Regular Property Tax... 21% Increase in Apartment Complexes

Payment deadline extended to August 2 (Monday) due to weekend... Various payment methods available including dedicated account, Seoul ETAX, ARS, etc.

[Asia Economy Reporter Jongil Park] Gwangjin-gu (Mayor Kim Seon-gap) has imposed property tax amounting to over 53.7 billion KRW on approximately 140,000 cases for the July regular property tax installment.

Property tax is a local tax of a holding tax nature imposed on owners of houses, buildings, land, ships, etc., as of the tax base date (June 1 every year). In July, half of the housing portion, the building portion, and the ship portion are levied, and in September, the remaining half of the housing portion and the land portion are levied.

This year's property tax amounts to 53.763 billion KRW, which is a 10.2% increase compared to the previous year due to last year's rise in real estate prices and the government's plan to realize the official real estate price.

Compared to last year, the individual housing price in Gwangjin-gu increased by 8.99% (Seoul city average 9.83%), and the apartment price increased by 21.74% (Seoul city average 19.89%).

However, to alleviate the tax burden caused by the rise in official real estate prices, a special reduction in the housing property tax rate (tax rate reduced by 0.05%p) has been applied from this year, easing the property tax burden for owners of a single house per household with an official price of 900 million KRW or less.

Since the property tax payment deadline for this July installment, July 31, falls on a Saturday (with the following day a public holiday), payment is possible until Monday, August 2.

Also, the property tax notice received this time can be paid through various methods such as ▲payment with the notice at financial institutions ▲account transfer via a dedicated account ▲Seoul city ETAX ▲unmanned payment machines and ATMs at banks ▲ARS, etc.

Meanwhile, the district office is extending the property tax consultation window until 8 PM on weekdays during the payment period to minimize inconvenience for taxpayers.

For detailed information such as payment methods, please contact the Property Tax Team 1, Property Tax Team 2, and Corporate Management Team of the Taxation Division 1 at Gwangjin-gu Office.

Kim Seon-gap, Mayor of Gwangjin-gu, said, “I thank all residents who faithfully fulfill their tax obligations despite the difficult conditions caused by the prolonged COVID-19 pandemic,” and added, “Property tax is an important independent revenue source for the district, and we will do our best to use it for essential purposes such as improving residents' welfare and regional development.”

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