Ulsan City Imposes 153.6 Billion KRW in July Regular Property Tax, Decreased from Last Year...

This Year’s Relaxation of the 1st Generation Single-Home Fair Market Value Ratio

Ulsan City's regular property tax for July this year was imposed at 153.6 billion KRW, a decrease of 7.4 billion KRW compared to last year.

The property tax as of June 1 this year, levied on owners of houses, buildings, ships, and aircraft, amounted to 18.9 billion KRW in Jung-gu, 51.7 billion KRW in Nam-gu, 16.1 billion KRW in Dong-gu, 26.1 billion KRW in Buk-gu, and 40.8 billion KRW in Ulju-gun.

The amount imposed this time decreased by about 7.4 billion KRW (4.6%) compared to last year due to the decline in official real estate prices.

The main reason was the government's policy to reflect real estate prices more realistically, resulting in a 14.27% decrease in official prices for apartment complexes and a 4.2% decrease for individual houses compared to the previous year.

Additionally, the 'Local Tax Act Enforcement Decree' was amended so that the fair market value ratio for single-homeowners, which was 45% last year, is now applied as 43% for official prices up to 300 million KRW, 44% for prices exceeding 300 million KRW up to 600 million KRW, and 45% for prices exceeding 600 million KRW. This change, which brought the ratio down to levels below those before the sharp rise in official prices in 2020, also had an impact. However, the actual effect may vary individually depending on factors such as the rate of official price increase and the upper limit on tax burden.

Property tax is a local tax imposed annually on those who own property as of June 1, regardless of the ownership period. The property tax imposed this time includes half of the housing portion and the tax on buildings, ships, and aircraft.

The remaining half of the housing portion and the land portion will be imposed in September.

However, for houses with an annual property tax amount of 200,000 KRW or less, the entire amount will be imposed in July this time. The payment deadline is from July 16 to July 31.

An official from Ulsan City stated, “Since a 3% surcharge will be imposed if the payment deadline is missed, it is important to carefully manage payments to avoid missing the deadline,” and added, “The reduction of the fair market value ratio for single-homeowners with properties valued at 600 million KRW or less this year will reduce the tax burden for single-homeowners.”

Ulsan City Hall.

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