Jinju City Applies Special Property Tax Benefits on Housing Tax for Single-Homehousehold Owners

Exempted Housing Must Apply Between June 1-15 to Receive Benefits

Jinju City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Choi Soon-kyung] Jinju City, Gyeongnam Province announced on the 30th that it will impose property tax by applying a special tax rate of 0.05~0.35%, reduced by 0.05%P from the standard tax rate of 0.1~0.4%, on houses with a publicly announced price of 900 million KRW or less owned by single-generation single-homeowners.

This is in accordance with the revision of the Local Tax Act aimed at stabilizing housing for low-income households and alleviating tax burdens. Single-homeowners will be subject to the reduced tax rate on housing property tax without a separate application.

When calculating the number of houses, the single-generation standard refers to the family registered in the resident registration under the Resident Registration Act (applying the scope of family under civil law). Spouses and unmarried children under 19 years old are considered the same generation even if they have different addresses.

Also, if a household is combined to cohabit and support parents aged 65 or older, it is recognized as an independent household.

The number of houses is the sum of houses owned by each household member, and even if only shares or accessory land of a house are owned, it is considered as one house.

However, inherited houses (less than 5 years elapsed), houses owned before marriage (less than 5 years elapsed), employee-provided houses (market standard value of 300 million KRW or less), unsold houses (less than 5 years elapsed), and houses acquired by debt settlement are excluded from the calculation of the number of houses.

Among these, for inherited houses (less than 5 years elapsed) and houses owned before marriage (less than 5 years elapsed), a separate exclusion application must be submitted between June 1 and 15 to receive the special tax rate benefit.

A city official said, “The application of the special tax rate on housing property tax for single-homeowners is a measure to alleviate the tax burden due to the realization of the publicly announced price. We hope that owners of excluded houses will apply without omission to receive the property tax reduction benefit.”

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