"Consider Securing One More Home in Your Hometown" Gyeongju City Promotes Second-Home Tax Benefits to Hometown Association Members

Strategy to Expand Long-Term Stays Following Designation as an "Area of Concern for Population Decline"
Significant Easing of Tax Burdens Through Acquisition Tax Reductions and Maintenance of Single-Homeowner Benefits

On the 5th, at the "2026 New Year's Greeting Event of the Gyeongju Hometown Association in Seoul" held in Seoul, Gyeongju City provided guidance on tax benefits for acquiring second homes to Gyeongju-born hometown association members living in the Seoul metropolitan area.

This promotional effort was arranged as Gyeongju City was designated this year as an "area of concern for population decline," and aims to expand residential-type long-term stays beyond short-term, visit-oriented tourism.

At the New Year's greeting ceremony of the Gyeongju Association in Seoul held in Seoul on the 5th, staff from the Taxation Division of Gyeongju City are explaining tax benefits for second homes to association members living in the Seoul metropolitan area. Provided by Gyeongju City.

The city focused on reducing the tax burden so that, after securing a home in one's hometown, this can naturally lead to weekend and long-term stays.

About 400 Gyeongju-born hometown association members living in the Seoul metropolitan area attended the event, and one-on-one consultations on second-home tax benefits were provided on site.

The key elements of the special tax treatment for second homes are relatively straightforward.

If a house worth 300 million won or less is purchased or newly built in Gyeongju City, 25% of the acquisition tax (up to 750,000 won) is reduced.

Even if a person already owns one house in another region, if they additionally acquire a house in Gyeongju with an officially assessed value of 400 million won or less, the tax benefits for single-home owners will continue to apply to the existing house.

Gyeongju City expects the second-home system to increase the number of people staying in the city and to generate economic effects by boosting local consumption and tourism.

Mayor Joo Nak-young of Gyeongju City emphasized, "The second-home tax benefits are a practical support measure that creates a foundation for staying in one's hometown without financial burden," adding, "I hope the interest and participation of hometown association members will lead to the continued development of Gyeongju."

Gyeongju City plans to continue expanding the promotion of second-home tax benefits through hometown association events and various briefing sessions. For related inquiries, please contact the Provincial Tax Team or the Municipal Tax Team of the Taxation Division of Gyeongju City.

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