Jeongeup-si Implements Acquisition Tax Reduction Benefits for First-Time Home Buyers

Jeongeup City is expanding acquisition tax reduction benefits for first-time homebuyers.

Jeongeup City announced that following the recent promulgation and enforcement of the amendment to the Local Tax Special Cases Restriction Act, it will promptly refund local taxes paid without reduction through the first-time home acquisition tax exemption and accept additional applications.

Accordingly, first-time homebuyers purchasing a house priced at 1.2 billion KRW or less will receive an acquisition tax reduction of up to 2 million KRW regardless of income.

First-time home purchase refers to a person who, as of the acquisition date, neither they nor their spouse owned a house and is purchasing a house.

Previously, only households with a combined annual income of 70 million KRW or less purchasing a house priced at 300 million KRW (400 million KRW in the metropolitan area) or less for the first time were eligible for a 50% reduction in acquisition tax (100% for houses priced at 150 million KRW or less), but these criteria have been revised to expand the beneficiary scope.

The expanded reduction applies retroactively to those who acquire a house for the first time after June 21 of last year. Taxpayers who have already paid acquisition tax can receive refunds through correction claims.

Jeongeup City plans to promptly process refunds by receiving reduction applications and correction claims from eligible beneficiaries, reviewing whether they meet the reduction requirements, and then immediately issuing refunds.

Additionally, for taxpayers who have already applied for and received reductions under previous regulations but require additional refunds due to increased reduction amounts, the city will proceed with refunds ex officio.

A Jeongeup City official stated, “We will promote the amendments related to first-time home acquisition through various media to encourage prompt refunds,” adding, “We will continue to do our best to protect taxpayers' rights and realize fair local taxation.”