Gangbuk-gu, 2024 Major Amendments to Local Tax-Related Laws Announcement

New Housing Acquisition Tax Reduction Established to Encourage Childbirth and Support Childcare
Extension of Special Property Tax Rate Deadline for One Household One Home to Support Stable Housing for Low-Income Families

Gangbuk-gu, Seoul (Mayor Lee Soon-hee) is actively providing guidance on major amendments so that more residents can benefit from tax incentives following the revision of local tax-related laws in 2024.

The 2024 amended laws introduce an acquisition tax exemption for parents acquiring housing for their newborn children from this year through 2025 to encourage childbirth and support child-rearing. Parents who acquire a house (valued at 1.2 billion KRW or less) within five years from the birth date of their child will be exempt from acquisition tax up to a limit of 5 million KRW.

Additionally, to honor national veterans and those who have sacrificed for the country, the scope of organizations eligible for real estate acquisition tax reductions has been expanded, and a new 50% reduction in automobile acquisition tax and automobile tax has been introduced for veterans and eligible beneficiaries.

To continuously support housing stability for low-income households who are actual home users, the special property tax rate for one household one house (with a publicly announced housing price of 900 million KRW or less) will be extended for an additional three years until 2026, and the property tax installment payment period will be extended from the current two months to three months.

Furthermore, considering inflation and other factors, the exemption threshold for late payment surcharge (previously middle surcharge) will be raised from 300,000 KRW to 450,000 KRW to ease the burden on small delinquent taxpayers.

For more detailed information on major amendments including ▲property tax ▲real estate acquisition tax ▲late payment surcharge ▲automobile acquisition tax, and automobile tax, please contact the Tax Department of Gangbuk-gu Office.

Mayor Lee Soon-hee of Gangbuk-gu stated, “We will actively promote local tax information following the 2024 amendments to local tax laws to guarantee residents’ right to know and do our best to facilitate tax payment convenience.”

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