Wando-gun, Property Tax Reduction for Good Landlords Overcoming COVID-19

9 Kind Landlords Receive 20 Million Won Local Tax Reduction Benefits

[Wando＝Asia Economy Honam Reporting Headquarters Reporter Choi Kyung-pil] On the 25th, Wando-gun, Jeollanam-do announced that it will reduce property tax by the amount of rent reduction within the scope for ‘Good Landlords’ who voluntarily lowered rent to overcome COVID-19.

The property tax reduction for ‘Good Landlords’ was originally planned to be applied temporarily until last year, but considering the economic activity contraction of small business owners and small-scale merchants, it was extended until this year after approval by the Wando County Council.

The property tax reduction for ‘Good Landlords’ applies to building owners who have reduced rent for more than two months or have agreed to reduce rent, and reduces the property tax on building and land portions by the reduction rate.

Landlords who wish to receive the reduction can submit the local tax reduction application form and supporting documents (small business confirmation, mutual growth agreement, copy of lease contract, tax invoice/financial proof) to the Tax Accounting Division Assessment Team at Wando County Office by the 30th of next month to receive property tax reduction benefits imposed in July and September.

Even after the due date, if the reduction application is submitted by the end of the year, it is possible to reduce and refund the property tax imposed this year.

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

According to the county, there are 9 Good Landlords in Wando this year, and they have agreed to reduce rent by 62.9 million won for 22 tenants.

Meanwhile, over the two years from 2020 to last year, 34 Good Landlords reduced rent by 210 million won for 132 tenants, and the county reduced local taxes by 20 million won for Good Landlords.

Kang Seong-woon, Acting Governor of Wando-gun, said, “We sincerely thank those who participated in the Good Landlord movement during difficult times,” and encouraged, “We hope many people will join in overcoming the COVID-19 crisis.”

Wando＝Asia Economy Honam Reporting Headquarters Reporter Choi Kyung-pil ckp6737@asiae.co.kr

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