Mapo-gu Reduces Residents' Property Tax Burden by 12.5%... Minimizing Tax Burden Again Next Year

Reflecting the Decrease in Official Real Estate Prices to Calculate 2024 Property Tax Revenue... Submitted Opinion to Ministry of Land, Infrastructure and Transport to Lower Official Prices to Reduce Residents' Tax Burden... Reduced Revenue to Be Supplemented with Budget Reserved in the Integrated Fiscal Stabilization Fund
Park Gang-su, Mayor of Mapo-gu, "Budget Formulated with the Goal of Minimizing Residents' Tax Burden"

Mapo-gu (Mayor Park Gang-su) announced that it has estimated the property tax revenue in the 2024 fiscal year revenue and expenditure budget at this year's official property price level, aiming to minimize the tax burden on residents.

The district recorded the highest individual housing price increase rate among Seoul's autonomous districts in 2018. Since then, property tax has steadily increased by as much as 16.7% and as little as 4.5% compared to the previous year until 2022, increasing the financial burden on residents day by day.

With the official property prices being realized at the end of 2022, property tax in 2023 significantly decreased. The official apartment price in Mapo-gu fell by about 19.23%, individual housing by 8.8%, and individual official land price by 6.29%. Accordingly, Mapo-gu imposed property tax reduced by 36.8 billion KRW, or 12.5%, compared to last year, alleviating residents' concerns.

In line with this situation, Mapo-gu set the property tax revenue for 2024 at 134.934 billion KRW.

Mapo-gu's efforts did not stop at tightening revenue budgeting. To minimize the tax burden on residents struggling with high interest rates and inflation, the district submitted a request to the Ministry of Land, Infrastructure and Transport in October to lower real estate official prices. Furthermore, it plans to actively express opinions on standard housing, apartment prices, and standard land official prices before the confirmation of real estate official prices to ensure taxes are appropriately assessed.

The total scale of the 2024 budget carefully prepared by Mapo-gu is 841.3 billion KRW, an 8.08% increase from this year's original budget. Among this, the general account increased by 8.29% to 799.6 billion KRW, and the special account increased by 4.28% to 41.7 billion KRW.

Despite adjusting revenue that burdens residents, the increase in Mapo-gu's 2024 budget compared to this year stems from Mayor Park Gang-su's efforts to revitalize the stagnant local economy.

Since the 8th term of the elected government, Mapo-gu has stopped habitual and wasteful financial expenditures, reduced and restructured underperforming projects to save the budget. The saved budget was deposited into the Integrated Financial Stabilization Fund to prepare for uncertain financial conditions and reduced revenue budgets.

This decision shone in the 2024 budget formulation. To cover the reduced revenue budget, Mapo-gu retrieved the principal previously deposited in the Integrated Financial Stabilization Fund and injected it as revenue. This laid the foundation for the major projects of "New Mapo, Better Mapo" to continue without losing momentum.

Mayor Park Gang-su emphasized, "Despite difficult economic conditions, we exercised utmost caution in budget formulation to minimize the tax burden on residents," adding, "Mapo-gu will do its best to ensure that residents' taxes are fairly and transparently assessed, neither too high nor too low."

The 2024 revenue and expenditure budget of Mapo-gu will be finalized after deliberation and resolution by the Mapo-gu Council.

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