Suncheon City Introduces First-Time Home Acquisition Tax Reduction System

"Supporting Residential Stability...
Failure to Meet Requirements May Lead to Retroactive Tax Collection"

Exterior view of Suncheon City Hall.

Suncheon City in South Jeolla Province announced on August 29 that it will introduce and implement a system to reduce acquisition tax for first-time homebuyers.

The "First-Time Home Acquisition Tax Reduction System" introduced by Suncheon City allows individuals who, along with their spouses, have never owned a home before and are purchasing a home valued at 1.2 billion won or less through a sale to receive a reduction of up to 3 million won in acquisition tax.

If the buyer does not begin residing in the home within three months of acquisition, if the period of continuous residence is less than three years and the home is sold, gifted, or used for other purposes such as rental, or if an additional home is purchased within three months, the previously reduced acquisition tax will be collected retroactively.

Taxpayers who become subject to retroactive collection due to failure to meet the reduction requirements must voluntarily report and pay the reduced acquisition tax within 60 days of the occurrence. If the reporting deadline is missed, additional penalties will be imposed.

A city official stated, "The first-time home acquisition tax reduction is a system designed to promote residential stability, but if the conditions are not met, taxpayers may face an even greater burden due to retroactive collection. Please make sure to check the reduction requirements before and after purchasing a home."

Meanwhile, the city is providing guidance on reduction requirements and important notes at the acquisition tax reduction application counters, and is promoting the system through the distribution of informational materials to ensure that citizens do not face unexpected disadvantages.

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