"First-Time Homebuyers! Claim Your Refund"... Ulsan City Promotes Revised Law Implementation

Application of Local Tax Revenue Related Laws from the 14th

Removal of Income Criteria · Housing Areas Under 1.2 Billion Won

"First-time homebuyers! Claim your tax refunds."

With the enforcement of the Local Tax Special Cases Restriction Act and related local tax laws starting from the 14th, Ulsan City has begun promoting the tax burden relief system according to the revised legislation.

The revised law includes an "expansion" of the lifetime first-time home acquisition tax reduction system, which was announced by the government as part of the real estate policy normalization tasks at the Real Estate Ministers' Meeting on June 21, 2022.

The "Lifetime First-Time Home Acquisition Tax Reduction System" is designed to support young people's housing and reduce the tax burden on ordinary real demand buyers.

Until now, only those purchasing homes priced at 400 million KRW or less in the metropolitan area and 300 million KRW or less in non-metropolitan areas, with a combined annual household income of 70 million KRW or less, were eligible for acquisition tax reductions. Additionally, if the acquisition price was 150 million KRW or less, a 100% acquisition tax reduction was applied, and for prices exceeding 150 million KRW, a 50% reduction was granted.

However, due to rising housing prices and income restrictions since 2020, it was difficult for the public to feel the effects of the policy.

Accordingly, the revised law removes the income criteria and expands the housing price limit to 1.2 billion KRW or less, allowing a tax reduction on acquisition tax up to 2 million KRW when acquiring a first home in one's lifetime.

This reduction system is retroactively applied to those who acquired their first home after the government’s announcement date of June 21, 2022.

For taxpayers who have already received reductions but are eligible for increased refunds, additional refunds will be issued ex officio without the need for application. Taxpayers who have not yet received reductions can apply for reductions and refunds by visiting the district or county tax offices with the required documents.

An official from Ulsan City stated, "We are promptly processing acquisition tax refunds for eligible recipients according to the revision of the Local Tax Special Cases Restriction Act," adding, "If you confirm your eligibility by phone with the district or county tax office in advance, you can receive benefits without the inconvenience of multiple visits."

Ulsan City Hall exterior view. (Photo by Ulsan City Hall)

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