Jeongeup-si to Continue 'Good Landlord Movement' This Year

Published 27 Apr.2022 13:30(KST)

[Jeongeup=Asia Economy Honam Reporting Headquarters Reporter Kim Jaegil] Jeongeup City, Jeonbuk Province, announced on the 27th that it will promote the ‘Good Landlord Movement’ again this year to support small business owners struggling due to the prolonged COVID-19 pandemic, following last year.

The ‘Good Landlord Movement’ is a measure to help landlords voluntarily reduce rent to receive property tax reduction benefits, and to assist small business tenants experiencing decreased sales to prepare for recovery.

Following the approval of Jeongeup City Council on the 15th for the city’s consent to reduce property tax for landlords who lowered rent, the city plans to operate the application period for building property tax reduction from next month 2nd to June 30th.

The reduction target is landlords who have reduced rent by 10% or more on average over three months to small business tenants from July last year to June this year.

The reduction rate will be applied differentially according to the actual rent reduction rate, with plans to reduce from 20% up to a maximum of 50%.

If the average rent reduction rate over three months is 40% or more, a 50% reduction rate will be applied; if the reduction rate is 30% or more, 40%; and if the reduction rate is 20% or more, 30% reduction will be applied.

However, if the landlord and tenant are spouses or direct lineal ascendants or descendants, they are excluded from the reduction.

Applications can be submitted to the town or township office or the neighborhood community center where the building is located, with documents proving the rent reduction such as the local tax reduction application form, contracts before and after rent changes, tax invoices, and bank transfer statements.

The city plans to intensively promote the expansion and activation of voluntary participation by landlords through local merchant associations to share the pain of small business owners.

A city official said, “We hope this will be of some help to citizens and small business owners suffering economic difficulties due to COVID-19,” and added, “We will continue to discover various tax policies to improve citizens’ lives and recover the local economy.”

Jeongeup=Asia Economy Honam Reporting Headquarters Reporter Kim Jaegil gjg7070@asiae.co.kr