Gyeonggi Province Assesses 2.1964 Trillion Won in Property Tax for September Regular Period

Gyeonggi Province announced on the 19th that it assessed 2.1964 trillion won in property tax for the September regular period of 2016, including urban area tax, local resource facility tax, and local education tax.

This represents an increase of 155.2 billion won, or 7.64%, compared to the previous year.

By tax category, property tax amounts to 1.3429 trillion won, urban area property tax 552.9 billion won, local resource facility tax 36.5 billion won, and local education tax 264.1 billion won.

Property tax is assessed annually on June 1st to owners of houses, land, buildings, ships, and aircraft. In July, it is assessed on houses (1/2) and buildings, while in September it is assessed on houses (1/2) and land together with local resource facility tax and local education tax.

The province explained that major factors behind the increase involve a combination of general factors such as rising real estate official prices including individual land prices and individual house prices, as well as increased taxable properties including new housing construction, and regional factors stemming from large-scale residential development projects such as the Hanam Misa District and Dongtan 2 New City.

The property tax payment period runs from the 16th to the 30th of this month. If payment is overdue, taxpayers must bear an additional 3% surcharge for the first month, and then an additional combined 72% late charge at a rate of 1.2% per month for up to 60 months.