Gunsan City Imposes and Notifies Regular Property Tax for July This Year

132,000 Cases, 30.5 Billion KRW, Payment Due by the 31st

Gunsan City Hall

[Asia Economy Honam Reporting Headquarters Reporter Hong Jaehee] Gunsan City, Jeonbuk, has imposed the regular property tax for July this year on buildings, half of houses, ships, and aircraft.

On the 14th, the city announced that it imposed and notified 13,200 cases amounting to 30.5 billion KRW in property tax for July this year. The payment period is from the 16th to the 31st of this month.

Property tax is imposed annually on the property owner as of the tax base date, June 1. In July, it is imposed on buildings, half of houses, ships, and aircraft, and in September, on land and the other half of houses. However, in the case of houses, if the principal property tax amount is 200,000 KRW or less, the full amount for the year is imposed in July.

The property tax imposed this time amounts to 19.5 billion KRW for buildings, 10.9 billion KRW for houses, and 100 million KRW for ships and aircraft, showing a 1.7% increase compared to the previous year.

The city organized property tax data by reflecting changes in buildings and houses and amendments to tax laws for this property tax imposition.

Additionally, the city is making its best efforts for fair taxation through organizing tax data and status investigations, such as examining the appropriateness of reductions for luxury properties and non-taxable or exempt real estate, and designating the main inheritance taxpayer for unreported inherited property.

From this year, due to the revision of the Local Tax Act, the minimum amount for applying for installment payment of property tax has been lowered from 5 million KRW to 2.5 million KRW, which is expected to somewhat ease the taxpayers' payment burden.

Property tax payments can be made by visiting financial institutions or through various systems such as virtual accounts, ARS phone service, internet Giro, the local tax website WETAX, financial institution mobile apps, and credit cards.

A city official said, “Although everyone is going through difficult times due to COVID-19 this year, the property tax imposed this time will be used for regional development and the enhancement of citizen welfare,” and added, “As it is an important independent revenue source, we ask that payments be made within the deadline to avoid additional charges due to late payment.”