Bucheon-si, Good Landlords Receive 100 Million KRW Property Tax Reduction... Rent Reduction Effect of 1.4 Billion KRW

Bucheon City Hall

[Asia Economy Reporter Park Hyesook] Bucheon City, Gyeonggi Province, announced on the 26th that as a result of actively reducing property taxes for benevolent landlords, the induced rent reduction effect was calculated to be 1.439 billion KRW.

Last July, the city actively reduced the regular property tax (building portion) for benevolent landlords who voluntarily lowered rents for tenants affected by the novel coronavirus disease (COVID-19).

The reduction rate was applied at 25% and 50% according to the rent reduction rate, and a total of 725 benevolent landlords received a property tax reduction of 95 million KRW. As a result, a total rent reduction effect of 1.439 billion KRW was passed on to 906 tenants.

There were also heartwarming cases of landlords boldly lowering rents to promote coexistence and harmony.

Landlord A did not receive any rent for as long as 24 months. The reduced rent amounted to 36 million KRW. Landlord B also received rent at a 50% reduced rate from two tenants for 8 months. The total reduced rent was 57.75 million KRW.

Jang Deokcheon, Mayor of Bucheon City, said, "Last year, we provided disaster relief funds of 15.9 billion KRW to small business owners to revitalize the local economy," and added, "Since COVID-19 damage continues this year as well, we will actively discover support policies such as local tax assistance."