Gyeonggi Province Levies 1.5779 Trillion Won in Regular Property Tax for July...Up 10.7% Year-over-Year

[Suwon Ilbo = Reporter Hong Sung-gil] Gyeonggi Province announced on the 17th that it has levied 1.5779 trillion won in "July Regular Property Tax for 2019," an increase of 152.5 billion won or 10.7% compared to the previous year.

By tax category: property tax of 72.6 billion won (12.4%), urban area property tax levied concurrently with property tax (formerly urban planning tax) of 49.4 billion won (11.8%), regional resources facility tax of 15.6 billion won (5.1%), and local education tax of 14.9 billion won (12.7%).

Property tax taxpayers are owners of houses, land, buildings, ships, and aircraft as of June 1 each year. In July, tax is levied on houses and buildings; in September, on houses and land. Regional resources facility tax and local education tax are levied together.

Regarding the factors for the increase, the Province explained that multiple factors worked in combination: ▲increase in taxable properties due to new real estate construction (336,000 cases) ▲rise in residential property assessment prices (individual 6.11%, collective 4.65%) ▲increase in building construction price standards (2%) ▲new construction of apartments and commercial facilities within large-scale land development districts such as Dongtan, Hwaseong and Misa, Hanam, among others.

The property tax payment period runs from the 16th to the 31st of this month. If the payment deadline is missed, taxpayers must pay an additional surcharge of 3% in the first month, and from the second month onward, an accumulated late surcharge of 1.75% per month for up to 60 months, totaling 105%, in cases where the tax amount per notice exceeds 300,000 won.

Property tax can be paid at all banks and post office ATMs as well as via smartphone. Those wishing to use this service can download one of five options from their smartphone app store—▲NH Nonghyup Smart Notice ▲Shinhan-Naver Smart Payment ▲Hana Members ▲Samsung Card ▲SKT Bill Letter (notice only)—register as a member, receive their property tax notice through Gyeonggi Province's Smart Notice service, and pay immediately.

A provincial official said, "Due to busy daily schedules, it is easy to miss the payment deadline, so it is important to carefully check payment status in advance to avoid disadvantages such as surcharges. If you apply for 'Smart Notice,' you can easily pay via smartphone, and depending on municipal ordinances by city and county, you can receive a tax deduction of up to 500 won," adding that the service can be used immediately after app installation, personal authentication, and submitting an application for Smart Notice use. Internet access is also available through Gyeonggi Province's 'Smart Tax' website (smarttax.gg.go.kr).