Gyeongnam Province Extends Up to 75% Property Tax Reduction for 'Good Landlords' for One More Year

Small Business Rent Must Be Reduced by More Than 5% on Average per Month for Over 3 Months

Gyeongsangnam-do will extend the property tax reduction for 'Good Landlords' who have reduced rent for small business owners until this year.

On the 31st, Gyeongnam Province announced that it will extend for one year the property tax reduction on buildings, including the local resource facility tax, for building owners who have lowered rent to support small business owners struggling due to the economic downturn caused by the COVID-19 pandemic.

Gyeongnam Provincial Government Office.
Photo by Lee Seryeong

According to the province, the reduction applies to landlords who, as of the property tax assessment date on June 1, 2023, have lowered the rent for small business owners defined under the Small and Medium Enterprise Basic Act by more than 5% on average per month compared to the previous rent for at least three months.

Owners of the applicable buildings can receive up to a 75% property tax reduction benefit.

To apply for the property tax reduction, applicants must prepare the ▲reduction application form ▲copy of the lease contract ▲amended contract confirming the rent reduction ▲copies of bank statements before and after the reduction ▲tax invoice, and submit them to the tax office of the city or county where the building is located by December 31.

Detailed information and application forms can be found on the websites of Gyeongsangnam-do and the respective city or county offices.

A provincial official stated, “We hope this will help ease the rent burden on small business owners who continue to face economic difficulties due to high interest rates and inflation even after COVID-19.”

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