Yangcheon-gu Imposes 117.7 Billion KRW in September Regular Property Tax... Increased Officially Announced Prices Raise Resident Burden

[Seoul District News] Payment Available Until September 30 via Internet (ETAX), Smartphone (STAX), and Local Tax Payment Accounts

[Asia Economy Reporter Jong-il Park] Yangcheon-gu (District Mayor Lee Gi-jae) announced that it imposed 117.771 billion KRW in regular property tax for September this year.

The September tax targets include the second installment of housing and land, and taxpayers are owners of taxable property as of June 1 this year. The payment deadline is September 30, and if the deadline is missed, an additional 3% surcharge must be paid.

This property tax amount increased by 4 billion KRW (3.5%) compared to the previous year. The district explained that the increase in tax revenue was due to a 9.01% rise in official land prices, a 7.88% increase in individual housing prices, and an 11.1% increase in apartment prices compared to last year.

This year, as a policy to reduce the tax burden on single-home households due to the sharp rise in official prices, the fair market value ratio for housing is lowered from 60% to 45%. For houses with an official price of 900 million KRW or less, a special tax rate for single-home households (0.05%p per tax bracket) that was implemented last year will be additionally applied.

The district operates a property tax installment payment system for the convenience of taxpayers. If the property tax amount exceeds 2.5 million KRW, installment payment is possible, and residents who wish to pay in installments can apply to the district office’s property tax department within the payment deadline.

Property tax can be paid through ▲ Seoul ETAX ▲ Seoul STAX (smartphone payment) ▲ account transfer to a dedicated account ▲ bank cash withdrawal machines (CD/ATM), etc. Taxpayers who have difficulty using the internet or smartphones can pay via ARS, and inquiries related to ETA and STAX payments are available.

Lee Gi-jae, Mayor of Yangcheon-gu, said, “We thank the residents who faithfully pay property tax, which is an independent revenue source for regional development,” and added, “We will do our best in financial management to meet residents’ expectations and implement trustworthy tax administration.”

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