Mapo-gu Property Tax Decreases by 15%... Residents' Tax Burden Reduced

Mapo-gu, Property Tax Decreased by 15%... Residents' Tax Burden Reduced

Due to Decline in Officially Announced Prices and Reduction in Fair Market Value Ratio, Tax Imposed Reduced by 15.7 Billion KRW Compared to Last Year

Ranked 1st in Individual Housing Price Increase Among Seoul Districts in 2018... Property Tax Steadily Increased Until First Decline

"Annual Property Tax Increase Was a Heavy Burden, Really Relieved This Year"... Mapo-gu Promises Fair Taxation and Sound Financial Management

Mapo-gu (Mayor Park Gang-su) imposed property tax amounting to 90.7 billion KRW in July this year on owners of houses and buildings.

This figure represents a decrease of approximately 15% (15.7 billion KRW) compared to the previous year.

In particular, although the number of cases taxed increased by 2,032 from last year to a total of 204,433 cases, the taxable amount significantly decreased, greatly easing the tax burden on residents.

The July property tax targets half of the taxation on houses, buildings, and ships. The remaining half of the house taxation and land taxation will be conducted in September.

Accordingly, the district imposed 57.329 billion KRW (158,583 cases) on houses, 33.372 billion KRW (45,774 cases) on buildings (non-residential), and 5 million KRW (76 cases) on ships.

Among these, the tax amount on houses decreased by 13.4 billion KRW (19%). The main reasons are cited as the decline in the 2023 official housing prices and the reduction of the fair market value ratio (the ratio of the officially announced price applied when determining the tax base for taxation).

Notably, Mapo-gu recorded the highest individual housing price increase rate (10.96%) among Seoul districts in 2018. Since then, until 2022, property tax steadily increased year-on-year by as much as 16.7% and as little as 4.5%, resulting in a heavy tax burden on residents.

A resident named Lee from Seongsan-dong said, "A few years ago, Mapo had the highest official land price increase in Seoul, so the annual property tax burden was considerable, but this year the amount has decreased, which is really a relief."

The property tax payment deadline is from the 16th to the 31st, and payments can be made directly at all banks nationwide or through ATMs, CDs, as well as via internet, mobile, and virtual accounts.

Park Gang-su, Mayor of Mapo-gu, said, "In these difficult economic conditions, I am very glad that residents' tax burden has been somewhat alleviated," adding, "Mapo-gu promises to impose taxes fairly and transparently and to manage the collected taxes frugally solely for the benefit of residents and the development of Mapo."

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