Gyeonggi Provincial Government
[Asia Economy Reporter Ryu Tae-min] Gyeonggi Province announced on the 16th that it imposed 2.8338 trillion KRW in regular property tax for July this year. This is an increase of 233.7 billion KRW (9.0%) compared to last year.
The increase by tax item includes property tax of 29.9 billion KRW (2.7%↑), urban area property tax (formerly urban planning tax) of 156.2 billion KRW (18.2%↑), local resource facility tax of 41.7 billion KRW (10.5%↑), and local education tax of 6.0 billion KRW (2.7%↑).
By region, Seongnam City recorded the highest property tax amount imposed at 369.1 billion KRW. The area with the largest increase compared to last year was Gwacheon City, which recorded 52.7%.
The increase in property tax imposition is attributed to factors such as the overall rise in housing prices, the government's push to realize real estate official prices, and the increase in newly built houses and buildings through land development including new towns.
In this property tax imposition, Gyeonggi Province applied a special tax rate to ease the tax burden for single-homeowners owning houses with official prices of 900 million KRW or less, reducing a total of 184.1 billion KRW in property tax.
The taxpayers for the July property tax are owners of houses, buildings, ships, and aircraft as of June 1 this year, and the housing property tax is imposed in halves in July and September to ease the taxpayer's burden.
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