Yangju City, Property Tax Reduction for 'Good Landlords' Overcoming COVID-19

Operation of Application Concentration Period Throughout June

Yangju City Hall

[Asia Economy Reporter La Young-cheol] Yangju City, Gyeonggi Province, will provide property tax reductions for the month of June to 'Good Landlords' who participate in the rent reduction campaign for small business owners.

According to the city on the 1st, the eligible recipients are building owners as of the tax base date (June 1) who have reduced rent for small business tenants affected by COVID-19.

However, buildings used as high-end entertainment venues such as nightclubs and lease contracts with relatives or close acquaintances are excluded.

The reduction period applies from January 1 to December 31 of this year, and the tax items subject to reduction are the property tax on buildings and land for the respective business operators.

The property tax reduction rate is applied differentially from a minimum of 25% up to 100%, based on the average rent reduction rate over three months: ▲ 25% for reductions of 5% or more but less than 10%, ▲ 50% for 10% or more but less than 30%, ▲ 75% for 30% or more but less than 50%, and ▲ 100% for 50% or more.

If the amount of tax reduction exceeds the total reduced rent amount, the reduction will be limited to the total reduced rent amount.

Landlords wishing to receive the property tax reduction should submit a local tax reduction application form, a certificate confirming the tenant as a small business owner, the lease contract, and other evidence of rent reduction to the city.

A city official stated, "Following last year, we are implementing local tax support for Good Landlords to revitalize the depressed local commercial district and reduce the management burden on small business owners this year as well," adding, "We will strive to discover various tax support measures that citizens can feel directly."