Yeonggwang-gun, Up to 50% Property Tax Reduction for Good Landlords

[Yeonggwang=Asia Economy Honam Reporting Headquarters Reporter Lee Jeonseong] Yeonggwang-gun, Jeollanam-do announced on the 10th that it will reduce property tax by up to 50% for 'Good Lessors' who voluntarily lowered rent for small business owners struggling due to the prolonged COVID-19 pandemic.

This system was originally planned to be applied temporarily until last year, but considering the economic activity contraction of small business owners and micro-enterprises, it was extended until this year after approval by the Yeonggwang County Council.

Building owners who have reduced rent by at least 10% for a minimum of 3 months or have agreed to reduce rent will receive a reduction in building property tax proportional to the reduction rate. Even if the rent reduction period is less than 3 months, if the reduction rate converted to a 3-month basis is 10% or more, they can receive a reduction benefit of up to 50%.

However, lessors of high-end entertainment establishments such as nightclubs are excluded from the reduction target.

Lessors who wish to receive the reduction must submit the local tax reduction application form and supporting documents to the Finance Department of the county office by the 30th of next month to receive the reduction benefit when the building property tax is imposed in July.

Even after the payment deadline, if the reduction application is submitted by the end of the year, it is possible to reduce or refund the property tax imposed this year.

A county official said, "We hope this property tax reduction will contribute even a little to overcoming the economic crisis caused by the prolonged COVID-19 pandemic."

Yeonggwang=Asia Economy Honam Reporting Headquarters Reporter Lee Jeonseong leejs7879@asiae.co.kr

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