Sejong-si, Up to 50% Property Tax Reduction for Good Landlords

[Asia Economy (Sejong) Reporter Jeong Il-woong] Sejong City will extend the property tax reduction benefits provided to benevolent landlords until the first half of this year. The property tax reduction rate is up to 50%.

According to the city on the 2nd, the property tax reduction targets are landlords (building owners) who reduced rent for tenants (small business owners) in the second half of last year or the first half of this year.

The reduction rate is applied to the property tax (building and land portions, including local resource facility tax) for the leased area of the building and is determined proportionally to the average rent reduction rate over three months.

The city previously limited the property tax reduction to rent reductions in the first half of the year. However, this year, the criteria have been expanded to include rent reductions over the entire year.

Through this, benevolent landlords who received property tax reductions in the first half of last year and also reduced rent in the second half can receive property tax reduction benefits for the entire year of last year (up to 100% including both halves).

Applications will start from April, the same as last year. To make it easier for taxpayers (benevolent landlords) to understand the reduction details, the reduction will be processed as a refund rather than a prior deduction and notification.

The reduction for the second half of last year will be refunded immediately after application, and the reduction for the first half of this year will be refunded collectively in October after the property tax payment.

Park Hyung-guk, head of the city’s tax administration division, said, “Due to the property tax reduction for benevolent landlords implemented in the first half of last year, a total of 210 stores in the region received an average monthly rent reduction benefit of 300,000 won,” adding, “We hope that this year as well, participation by benevolent landlords will help establish a culture of coexistence between small business owners and building owners.”