Gangnam-gu Imposes 342.4 Billion KRW in Regular Property Tax for July

Payment Due July 16-31... Properties Owned as of June 1 Including Houses and Buildings Subject to 3% Penalty After Deadline

[Asia Economy Reporter Jongil Park] Gangnam-gu (District Mayor Jeong Soon-gyun) imposed 342.4 billion KRW in regular July property taxes on 303,874 housing and building units on the 10th.

Property tax is levied annually in July and September on the owner as of the tax base date (June 1 every year). In July, 50% of buildings and houses are taxed, and in September, 50% of land and houses are taxed.

The payment period is from the 16th to the 31st of this month, and payments can be made through ▲Seoul Metropolitan Government Local Tax Internet Payment System ▲‘STAX’ app ▲designated accounts ▲ARS (1599-3900), etc.

If the payment deadline is missed, a 3% surcharge will be applied.

Meanwhile, property tax is used by local governments as funds necessary for public services within the region, such as local roads, water and sewage systems, cleaning and firefighting facilities, and libraries.

Im Kyung-sik, Head of Taxation Division 1, said, “As the deadline approaches, bank counters become crowded and system access slows down, which may cause difficulties in payment,” and added, “We ask for payment within the deadline to avoid late payment surcharges.”