Gwangsan-gu, Gwangju, Continues 'Good Landlord' Property Tax Reduction This Year

Applications Accepted from June 1... Maximum Limit of 2 Million Won

[Asia Economy Honam Reporting Headquarters Reporter Yoon Jamin] Gwangsan-gu, Gwangju Metropolitan City announced on the 7th that it will implement property tax reductions for 'Good Landlords' this year as well, following 2020 and 2021, to overcome the economic crisis caused by COVID-19.

Applications for eligible recipients will be accepted starting June 1.

The property tax reduction applies to buildings owned by landlords who have reduced or agreed to reduce rent by 10% or more for a period of three months or longer between January and December 2022 for tenants who are small business owners.

Even if the reduction period is less than three months, the rent reduction rate will be applied by converting it to a three-month equivalent.

The reduction amount is calculated by multiplying the property tax amount by the rent reduction rate, with a maximum limit of 2 million KRW.

If the rent reduction period exceeds three months, an additional 5% is added to the rent reduction rate for each extra month, with a maximum limit of 75%.

To apply for the property tax reduction, applicants must prepare and submit the local tax reduction application form, rent reduction agreement, lease contract, tenant’s small business confirmation, and supporting documents such as tax invoices or bank statements proving the rent reduction to the Property Tax Team of the Tax Division 1 at Gwangsan-gu Office.

A Gwangsan-gu official stated, "We expect that the 'Good Landlord' tax support will help foster coexistence between landlords and tenants and revitalize the local economy."

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