Suwon City Accepts Applications for Property Tax Reduction for 'Good Landlords'

Suwon City Hall

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Suwon City in Gyeonggi Province is accepting applications for property tax reductions targeting 'Good Landlords' who voluntarily reduced building rents for small business tenants last year.

A Good Landlord is a building owner who voluntarily lowered rents for small business tenants struggling due to COVID-19.

The Suwon City Council previously passed a 'Resolution to Reduce Property Tax for Good Landlords' in February last year. Accordingly, Suwon City is providing property tax reductions to landlords participating in the Good Landlord campaign.

From January 1 to December 31, 2020, the city received a total of 929 reduction applications from landlords participating in the Good Landlord campaign and refunded 236 million KRW in regular property taxes for 2021.

The city plans to grant property tax reduction benefits to Good Landlords who reduced rents from January 1 to December 31, 2021, based on this application.

Required application documents include ▲local tax reduction application form ▲copy of lease contract ▲proof of rent reduction agreement (amended contract, agreement, etc.) ▲proof of rent payment (tax invoice, financial transaction statement, etc.) ▲copy of small business tenant confirmation or prior consent form for administrative information sharing.

The city provides property tax reductions based on the rent reduction rate and duration, with reductions applied for rates below 100%. The longer the rent reduction period, the higher the reduction rate.

The reduction rate is calculated by multiplying an additional coefficient: 2 times for 1-2 months of rent reduction, 3 times for 3-6 months, and 4 times for 7 months or more.

For more details, please refer to the Suwon City website.

A city official stated, "As the COVID-19 crisis has continued for nearly two years, the hardships faced by our small business owners have reached a breaking point. We ask many to participate in the Good Landlord campaign, which supports both landlords and tenants and helps revitalize the local economy."

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