Seoul City "Pay Property Tax for September 2021 by the 30th"

Seoul's 25 Districts Impose 4.1272 Trillion KRW in Property Tax for September This Year on 4.144 Million Cases
5.4 Million More Cases and 479.4 Billion KRW Increase Compared to Last Year

Status of Increase and Decrease in Property Tax on Houses and Land in September 2021

[Asia Economy Reporter Lim Cheol-young] The Seoul Metropolitan Government announced on the 12th that it plans to send property tax bills for September on houses and land in 25 autonomous districts and guide payment by the 30th.

The property tax levied in September, following July, amounts to 4.1272 trillion KRW for 4.144 million cases. The property tax bills issued this time were sent by mail on the 10th. The payment deadline is the 30th, and if the deadline is missed, an additional 3% surcharge will be imposed.

The property tax levied this September includes half of the housing portion and the land portion, increasing by 54,000 cases and 479.4 billion KRW (13.1%) compared to September last year. The housing portion accounts for 3.389 million cases and 1.6412 trillion KRW, while the land portion is 755,000 cases and 2.486 trillion KRW, with housing increasing by 30,000 cases (0.9%) and land by 24,000 cases (3.3%) compared to the previous year.

The increase in property tax on housing (half) and land is analyzed to be due to an increase in taxable targets such as reconstruction, along with a rise in the official housing price used as the tax base: 19.89% for apartments and 9.83% for detached houses, and a 11.54% increase in the individually assessed land price. However, due to the application of the property tax burden limit system, the housing tax was levied so that the property tax amount does not increase beyond 105% to 130% compared to the previous year depending on the official price.

By autonomous district, Gangnam-gu has the highest property tax levy with 271,000 cases amounting to 884.8 billion KRW, while Dobong-gu has the lowest with 137,000 cases amounting to 38.9 billion KRW.

For taxpayer convenience, Seoul allows installment payments for property tax amounts exceeding 2.5 million KRW, and taxpayers wishing to pay in installments can apply to the autonomous district office with jurisdiction over the property. Additionally, the property tax bills sent this month included guidance documents in English, Chinese, Japanese, French, German, and Mongolian for foreign taxpayers, and separate Braille guidance documents were enclosed and sent to about 2,200 visually impaired individuals.

Furthermore, the property tax bills sent this month printed voice conversion barcodes for the visually impaired and others, providing a convenience service that allows anyone to easily listen to local tax levy details via a mobile app. Also, if there are any questions regarding property tax or other local taxes, consultations can be received from Seoul’s village tax accountants and taxpayer protection officers.

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

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