Gyeonggi-do Imposes 5.04 Trillion Won in Property Tax This Year... 6.2% Decrease from Previous Year

Gyeonggi Provincial Government

Gyeonggi Province imposed property taxes totaling 5.004 trillion won (8.64 million cases) this year. This amount combines the regular property taxes levied in July and September. Although the number of cases increased by 330,000 (4.0%) compared to last year, the total tax amount decreased by 327.9 billion won (6.2%) due to factors such as a decline in official property prices. However, the local resource facility tax increased by 6.7 billion won (1.5%) year-on-year due to an increase in taxable buildings.

The top local governments by property tax amount were Seongnam City (502 billion won), Yongin City (460.3 billion won), and Hwaseong City (425.1 billion won). Due to the decline in official housing prices and land prices, 30 out of 31 cities and counties in the province saw a decrease in tax amounts.

In particular, Gwangmyeong City (-14.8%), Gwacheon City (-14.7%), and Uiwang City (-13.0%) experienced significant reductions in tax amounts. In contrast, Icheon City showed a 7.2% increase in both the number of cases and tax amount due to large-scale construction of knowledge industry centers and apartments, presenting a stark contrast.

Property tax is levied in two installments in July and September to owners of taxable properties as of the tax base date, June 1 each year. In July, property tax is imposed on half of the residential properties, buildings, aircraft, and ships, while in September, it is levied on land and the remaining half of residential properties.

The payment deadline for property tax levied in September is October 4. Late payments may incur additional charges and penalties. For more details, please contact the tax department of the relevant city, county, or district office.

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