Gyeonggi-do Imposes 5.1429 Trillion Won in Property Taxes This Year

Gyeonggi Provincial Government

Gyeonggi Province imposed property taxes totaling 5.1429 trillion KRW on 8.97 million cases in 2024.

This amount combines the regular property tax levied in July and September. Compared to last year, the number of cases increased by 320,000 (3.7%) and the tax amount rose by 165.3 billion KRW (3.3%). The local resource facility tax and local education tax, which are levied alongside the property tax, also increased by 9.2 billion KRW (2.1%) and 17.4 billion KRW (3.4%), respectively.

The top local governments by property tax amount are Seongnam City (521.8 billion KRW), Yongin City (476.5 billion KRW), and Hwaseong City (445.1 billion KRW). Hanam City (14.0%) and Gwacheon City (7.8%) saw significant increases in tax amounts due to the development of public housing districts. Due to the rise in official housing prices and land prices, tax amounts increased evenly across 28 cities and counties within the province.

Property tax is levied twice a year on the owners of taxable properties as of the tax base date, June 1 each year. In July, property tax is imposed on half of residential properties, buildings, aircraft, and ships, while in September, it is levied on land and the remaining half of residential properties. The deadline for paying the September property tax is September 30, after which late payment penalties may apply. For more details, please contact the tax department of the relevant city, county, or district office.

Choi Won-sam, head of the Taxation Division of Gyeonggi Province, stated, "Since the Chuseok holiday falls during the property tax payment period, there is a risk of missing the deadline." He urged, "Please make sure to pay within the deadline using various methods such as the local tax payment system (WETAX) to avoid penalties and other disadvantages."