Jeongeup-si, Housing Acquisition Tax Reduction for 'Childbirth and Childcare Households' Starting This Year

Published 21 Feb.2024 10:16(KST)

Jeongeup City in Jeonbuk announced on the 21st that, due to the revision of the Local Tax Special Cases Restriction Act, acquisition tax on housing for childbirth and childcare households will be reduced from this year through next year.

From January 1 of this year to December 31 of next year, parents who have given birth to a child can receive a tax reduction when acquiring a single house with an acquisition price of 1.2 billion KRW or less within five years from the child's birth date, or when giving birth within one year after acquiring a house and using it as a childcare residence.

Jeongeup City will reduce acquisition tax on housing for families with childbirth and child-rearing from this year to next year due to the revision of the Local Tax Special Cases Restriction Act this year.
[Photo by Jeongeup City]

If the acquisition tax incurred is 5 million KRW or less, a 100% reduction applies; if it exceeds that amount, the acquisition tax is reduced up to a limit of 5 million KRW.

Considering the purpose of the childbirth support policy, multi-homeowners are excluded from the reduction, but if they become a single-home household within three months from the date of house acquisition, the reduction is possible.

This benefit is expected to help households planning to give birth this year or those planning to have children by reducing housing acquisition costs and providing a better childcare environment.

Son Munguk, head of the Taxation Division, said, “We will continue to actively promote local tax-related information and establish policies to fulfill citizens' right to know and realize fair local taxation, ensuring that citizens do not suffer disadvantages.”