Gyeonggi-do Imposes 1.9996 Trillion Won in Property Tax for July

Gyeonggi Provincial Government

Gyeonggi Province has imposed property taxes totaling 1.9996 trillion KRW (6.76 million cases) for July on houses, buildings, and ships. The number of cases increased by 230,000 (3.56%) compared to last year, and the tax amount increased by 109.1 billion KRW (5.77%) due to the rise in official housing prices.

The government previously reduced the fair market price ratio for one-homeowners last year to ease their tax burden: 43% for official prices up to 300 million KRW, 44% for 300 million to 600 million KRW, and 45% for over 600 million KRW. This reduced fair market price ratio will continue to be maintained this year.

The rate of increase or decrease in property taxes by city and county showed significant variation compared to the previous year. This is attributed to factors such as the completion of large apartment complexes or the construction of large buildings like knowledge industry centers.

The local governments with the highest property tax amounts are Seongnam City with 225.5 billion KRW, Hwaseong City with 176.7 billion KRW, and Yongin City with 161.3 billion KRW. Among individual houses in the province, the house with the highest property tax imposed is a detached house located in Baekhyeon-dong, Bundang-gu, Seongnam City, with 29.9 million KRW.

Property tax is imposed in July and September on the owners of taxable properties as of the tax base date, June 1 each year. In July, taxes are levied on 50% of houses, buildings, aircraft, and ships, and in September, on the remaining 50% of houses and land.

The payment period for property taxes imposed in July is from the 16th to the 31st, and payments can be made through various methods such as Wetax and virtual accounts. If payment is not made within the deadline, a late payment surcharge must be paid.

Choi Won-sam, head of the Taxation Division of Gyeonggi Province, stated, "We will promote the property tax payment period through various media channels to ensure that residents do not miss the payment deadline and suffer disadvantages such as additional taxes."