Suwon City to Continue Property Tax Reduction for 'Good Landlords' This Year

Suwon City Hall

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Suwon City in Gyeonggi Province will reduce property taxes for 'Good Landlords' who lowered building rents for small business tenants last year.

Suwon City announced on the 6th that landlords who reduced rents between January 1 and December 31 of last year can apply for a property tax reduction by submitting proof of rent reduction to the tax department of the district office where the building is located by mail or in person by the end of this year.

Applicants must prepare a local tax reduction application form, a copy of the lease contract, and documents proving the rent reduction agreement (such as amended contracts or agreements).

Based on the application, the city will reduce property tax up to 'less than 100%' depending on the rent reduction rate and duration. The longer the rent reduction period, the higher the reduction rate. The reduction rate is calculated by multiplying an additional factor: 2 times for 1-2 months, 3 times for 3-6 months, and 4 times for 7 months or more.

Previously, the city granted property tax reductions of 298 million KRW in 2020 and 281 million KRW in 2021 for Good Landlords. Detailed information is available on the Suwon City website.

An official from the city said, "We hope the property tax reduction for Good Landlords will support both landlords and tenants," and urged, "We ask many people to participate in the Good Landlord movement."

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