Sejong-si, Good Landlord Property Tax Reduced by 63 Million Won

[Asia Economy (Sejong) Reporter Jeong Il-woong] Sejong City has waived a total of 63 million KRW in property taxes for 'Good Landlords' who reduced rent for small business tenant lessees.

According to the city on the 15th, the waiver targets landlords who lowered rent from the second half of last year to the first half of this year, with the reduction rate applied differentially up to a maximum of 50% based on the average rent reduction rate over the past three months.

A total of 217 Good Landlords applied for the property tax waiver. These landlords were found to have reduced tenants' rent by a total of 510 million KRW.

The property tax waiver benefit for Good Landlords, which has been promoted for two years, has so far been granted to a total of 474 people. On average, each Good Landlord received a property tax waiver benefit of 270,000 KRW, and the city analyzes that small business owners experienced an average rent reduction effect of 310,000 KRW per store per month.

Lee Kyung-woo, head of the city’s tax administration division, said, “Considering the ongoing difficulties faced by small business owners, the city will continue to promote the Good Landlord property tax waiver this year and strive to foster a culture of mutual cooperation between Good Landlords and small business tenant lessees.”

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