Yangju City Announces Property Tax Assessment Criteria Date System

Yangju City is providing guidance on the 'Property Tax Assessment Criteria Date System (as of June 1 each year)' to prevent disputes and complaints between taxpayers regarding property tax.

Recently, there has been a sharp increase in complaints requesting that property tax be apportioned based on the ownership period when real estate transactions occur in the assessment year. However, regardless of the ownership period, those who own taxable real estate (land, buildings, and residential properties) as of June 1 each year become the taxpayers for property tax purposes.

In other words, if the transaction occurs before June 1, the buyer becomes the taxpayer for that year; if the transaction occurs after June 2, the seller bears the tax obligation for that year.

Following the recent amendment to the 'Rules for the Enforcement of the Licensed Real Estate Agent Act' (effective January 20, 2017), the phrase 'the property tax assessment criteria date (June 1) owner of the subject property bears the tax obligation' has been added to the intermediary target property confirmation and explanation documents, allowing real estate parties to adequately adjust the tax burden during the transaction process.

Accordingly, the city distributes guidance materials on the property tax assessment criteria date system when real estate transaction reports and acquisition tax reports are filed, ensuring that taxpayers are aware of the relevant details in advance.

For inquiries regarding property tax, you can contact the Tax Administration Division of Yangju City Hall (8082-5521) for detailed information.