Jinyoung, Minister of the Interior and Safety, "No Conclusion Reached on Legal Review of Property Tax Reduction in Seocho-gu"

[Image source=Yonhap News]

[Asia Economy Reporter Jo In-kyung] As Seocho-gu District in Seoul announced an ordinance to reduce property tax by 50%, Seoul City has announced plans for legal action, while the Ministry of the Interior and Safety stated that it has not yet reached a conclusion on this issue.

On the 26th, Minister Jin Young of the Ministry of the Interior and Safety responded to a question from Park Soo-young, a member of the People Power Party, during the National Assembly's Public Administration and Security Committee comprehensive audit regarding the legal review of Seocho-gu's ordinance to reduce property tax by 50%, saying, "We reviewed it, but internal opinions were not unified."

Minister Jin explained, "It was difficult to answer, so I explained the situation to Seoul City," adding, "We do not have the final authority to provide a binding interpretation." However, he added, "Personally, I think local autonomy should be respected."

Minister Jin also mentioned during the Public Administration and Security Committee's national audit on the 7th that he "basically believes local autonomy should be respected" regarding Seocho-gu's property tax reduction measure.

Seocho-gu announced an ordinance on the 23rd to reduce property tax for single homeowners with a standard city appraisal value of 900 million KRW or less and began preparing refund procedures. After internal review on the same day, Seoul City plans to take legal action this week, including filing for suspension of the ordinance's enforcement and suing at the Supreme Court.