Hamyang-gun, Apply for Property Tax Reduction for 'Win-Win Landlords'

Property Tax Reduction Up to 75% Based on Rent Reduction Rate

Hamyang County Office.

[Asia Economy Yeongnam Reporting Headquarters Reporter Choi Soon-kyung] Hamyang-gun, Gyeongnam Province, is accepting applications for property tax reductions from building owners (lessors) who have reduced rent for small business owners (tenants) by more than three months until June 17.

The reduction for ‘Sangsaeng Lessors’ involves a discount of up to 75% on the building property tax levied in July this year, proportional to the rent reduction rate.

Lessors participating in the Sangsaeng Rent Movement can apply in person at the county office’s finance department or the eup/myeon office with a local tax reduction application form, a copy of the lease contract, and bank transaction statements proving the rent reduction.

A county official stated, “We hope this local tax reduction support will provide some help to small business owners facing difficulties, and we also express our gratitude to the Sangsaeng Lessors.”

For local small and medium-sized enterprises (corporations with capital or investment of 3 billion KRW or less) and individual business owners struggling due to COVID-19, a 50% reduction is applied to the resident tax (business subdivision) basic tax rate.

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