Gyeonggi Province Imposes 2.123 Trillion Won in July Property Taxes... Up 165.8 Billion Won from Last Year

Gyeonggi Province has imposed 2.123 trillion won in regular July property taxes on houses, buildings, ships, and other assets. The number of cases increased by 168,000 compared to last year, and the total tax amount rose by 165.8 billion won.

This year, in accordance with government policy to ease the tax burden on single-home owners, Gyeonggi Province maintained the fair market value ratio at 43% for properties with a publicly announced price of 300 million won or less, 44% for those between 300 million and 600 million won, and 45% for those exceeding 600 million won.

The scale of property tax levied by city and county varied from a minimum of 3.43% to a maximum of 22.82% compared to the previous year. Gyeonggi Province explained that this was due to differences in the degree of regional development, such as the completion of large-scale apartment complexes and the construction of new knowledge industry centers and logistics warehouses.

Gyeonggi Provincial Government

The region with the highest tax amount is Seongnam City, at 240.5 billion won. It is followed by Hwaseong City (189.8 billion won) and Yongin City (171.2 billion won). Among individual houses, the property with the highest tax is a detached house located in Baekhyeon-dong, Bundang-gu, Seongnam City, with a tax of 30.42 million won.

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

This property tax must be paid by July 31, and can be conveniently paid via Wetax (wetax.go.kr), virtual accounts, or local tax deposit accounts (electronic payment numbers). If payment is not made within the deadline, a 3% late payment penalty will be added.

Ryu Youngyong, head of the Gyeonggi Province Tax Administration Division, said, "We will strengthen our guidance using various promotional methods so that no residents suffer disadvantages such as penalty surcharges due to missing the payment deadline."