Seongnam-si, 50% Property Tax Reduction for Single-Homeowners with Property Value Under 900 Million Won

[Asia Economy (Seongnam) = Reporter Lee Young-gyu] Seongnam City in Gyeonggi Province will reduce property tax by 50% for owners of a single household with one house valued at 900 million KRW or less, who are facing difficulties due to the prolonged COVID-19 pandemic and rising official housing prices.

Seongnam City announced on the 18th that the 'Partial Amendment to the Seongnam City Market Ordinance,' which includes lowering the standard property tax rate by 50% for owners of such houses, recently passed the review of the Seongnam City Council and will be promulgated on the 31st.

Accordingly, owners of a single household with one house valued at 900 million KRW or less in Seongnam will receive a partial refund of the housing property tax paid this year sometime next month.

Among the 260,000 housing units in Seongnam, 100,000 houses valued at 900 million KRW or less, accounting for 38%, are eligible.

The refund amount varies by official housing price for each eligible person. The city estimates the total refund amount to be up to 9.6 billion KRW.

This property tax reduction measure will be implemented temporarily this year, considering the financial situation and other factors.

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