Acquisition Tax Reduction for First-Time Homebuyers Extended Until 2028

Up to 2 Million Won Benefit
for Purchasing a Home Valued at 1.2 Billion Won or Less

Front view of Geumsan County Office (Photo by Geumsan County)

According to this year's local tax reform plan, the system that reduces acquisition tax for first-time homebuyers has been extended until 2028.

The acquisition tax reduction applies when both the buyer and their spouse have never previously owned a home and purchase a house valued at 1.2 billion won or less through a sale. The maximum reduction is 2 million won.

Accordingly, Geumsan County is providing detailed information about the eligibility requirements and important notes for the reduction through informational materials to help residents take advantage of the system.

To receive the reduction benefit, the buyer must file a move-in report within three months of acquiring the house and reside in the property continuously for at least three years.

If the house is sold, gifted, or rented out for purposes other than residence within three years, the benefit will be revoked and the reduced tax amount may be collected retroactively.

Lee Kyungchan, an official from the Finance Division, stated, "The first-time home acquisition tax reduction is a practical support system for residents preparing to buy their own homes," adding, "If you carefully check the requirements and use the system appropriately, you can receive significant benefits, so I hope many people will take interest and make use of it."

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