Gyeonggi Province Collects 15.8 Billion Won from Delinquent Taxpayers Through Real Estate Auctions

From March to November of last year, Gyeonggi Province collected a total of 15.8 billion won in overdue local taxes from 788 delinquent taxpayers through real estate auctions.

This measure targeted real estate seized between 2023 and 2024 from individuals who owed more than 5 million won in local taxes.

Gyeonggi Province and its 31 cities and counties analyzed the legal status and auction feasibility of each property, selected 2,336 cases, and encouraged voluntary payment by issuing auction notices.

The issuance of auction notices alone led to the settlement of overdue taxes in 1,407 cases. At the auction request stage, 354 cases were suspended from auction due to reasons such as full payment or installment agreements. As a result, 15.2 billion won was collected before the auctions took place.

Collection Performance of Overdue Taxes Through Auctioning of High-Value Delinquents in Gyeonggi Province

Actual auction execution resulted in the sale of 59 properties, leading to the collection of an additional 600 million won in overdue taxes. The remaining 516 cases are currently undergoing the auction process.

The entire process, including auction requests and execution, was carried out through the Korea Asset Management Corporation (KAMCO).

No Seungho, Director of the Tax Justice Division of Gyeonggi Province, stated, "This auction sent a strong message to chronic and habitual tax delinquents that local taxes will be pursued and collected to the end," adding, "We will continue to thoroughly manage the sale of auctioned properties and the process of covering overdue taxes to establish a culture of diligent tax payment."