Did You Reduce the Rent? Gyeongnam Province Implements Property Tax Reduction for 'Good Landlords'...

Small Business Rent Reduction and Building Property Tax Relief

From the 9th to June 17, at the city, county, and district offices where the building is located

Gyeongnam Provincial Government Office.

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Seryeong] Gyeongnam Province will reduce property taxes for building owners who lower rent for small business owners.

Gyeongnam Province will accept applications for property tax reduction on buildings in July from owners who have reduced rent for small business owners under the Small Business Basic Act, from June 9 to June 17.

The reduction rates for property tax, fire service local resource facility tax, and local education tax will be applied differentially according to the rent reduction rate.

The average monthly rent reduction rate must exceed 5% continuously for three months between January and December, and property tax can be reduced by up to 75%.

If the rent reduction period exceeds three consecutive months, 5% per month will be added to the rent reduction rate, and even if it is less than three months, the rate will be converted to a three-month equivalent and applied for the reduction.

Building owners eligible for property tax reduction should prepare the local tax reduction application form, a copy of the lease contract, and supporting documents such as the amended contract confirming the rent reduction, a copy of the bankbook, and tax invoices, and apply to the tax office of the city, county, or district where the building is located.

Applications can still be submitted after the intensive reception period until June 17 if eligible for the reduction. Application forms can be found on the Gyeongnam Province website and the websites of city, county, and district offices.

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