Yeongdeungpo-gu Extends Acquisition Tax Relief of Up to 5 Million Won for Households with Newborns Until 2028

Homes Priced at 1.2 Billion Won or Less Eligible
Support Also Includes Parental Allowance and Care Subsidies

On February 25, Yeongdeungpo-gu in Seoul (District Mayor Choi Hokwon) announced that it will extend the period for applying property acquisition tax relief for households with newborns and child-raising families until December 2028, in order to ease their housing cost burden.

Poster: Guide to Housing Acquisition Tax Reduction for Families with Newborns and Those Raising Children. Provided by Yeongdeungpo-gu.

The tax relief applies to households that have a child between January 1, 2024 and December 31, 2028, and acquire a home priced at 1.2 billion won or less within five years from the date of birth. It also covers cases where a home was acquired in advance within one year before the date of birth; in such cases, the relief applies only to acquisitions made on or after January 1, 2024. If the requirements are met, the acquisition tax can be reduced by up to 5 million won.

However, the relief is limited to one home per household. If the home is sold, gifted, or converted to another use within three years from the date of acquisition, the tax relief will be revoked.

When this system was newly introduced in 2024, it was originally scheduled to be in place only until 2025, but the application period has been extended by three more years following revisions to local tax-related laws and regulations. The district plans to place information leaflets at obstetrics and gynecology clinics, postpartum care centers, the district office, public health centers, and local community centers within the district so that eligible households do not miss out on the benefits. For further details, residents can contact the Property Tax Division at the district office.

In addition to acquisition tax relief, Yeongdeungpo-gu is also operating support policies that cover all stages from pregnancy to childbirth and childcare. Representative programs include a parental allowance of up to 1 million won per month, a grandparent care allowance of up to 600,000 won per month, a home childcare allowance of up to 200,000 won per month, 1 million won in postpartum care expenses for mothers, and up to 130,000 won in pre-pregnancy health management costs.

Yeongdeungpo District Mayor Choi Hokwon said, "We hope that this acquisition tax relief will help reduce the economic burden on households with newborns," adding, "We will continue to expand various childcare support policies to make Yeongdeungpo-gu a better place to raise children."