Gyeonggi Province Imposes Property Tax of 1.7371 Trillion Won for July Regular Assessment...Payment Deadline Until 31st

[Suwon Ilbo=Reporter Park No-hun] Gyeonggi Province announced on the 15th that it imposed 1.7371 trillion won in property tax for July, a 165.9 billion won increase compared to the same period last year.

By tax category, increases were recorded as follows: ▲Property tax 73.1 billion won (11.2%) ▲Urban area property tax (formerly urban planning tax) 47.4 billion won (10.2%) ▲Regional resource facilities tax 30.7 billion won (9.6%) ▲Local education tax 14.6 billion won (11.2%).

Seongnam City ranked first in property tax assessment amount (189.9 billion won), while Gwacheon City led in rate of increase (43.9%). The province explained that various factors were at work, including an increase in newly constructed housing and buildings through land development such as new towns, and simultaneously rising housing public prices and new building construction costs.

July property tax taxpayers are homeowners, building owners, ship owners, and aircraft owners based on June 1, 2020. Housing property tax is notified at half the amount to reduce taxpayer burden, with the remaining half assessed together with land in September.
Additionally, from this year, the application standard amount for installment payment of property tax has been adjusted downward from "5 million won or more" to "2.5 million won or more," allowing taxpayers burdened by tax payments to take advantage of this option.

The property tax payment period runs from the 16th through the 31st. Late payment may result in a 3% surcharge (one time) and 0.75% compound surcharge (up to 60 months), so payment must be made by the deadline of the 31st.
Payment can be made through banks nationwide (ATMs and utility bill payment counters), the Wetax website (www.wetax.go.kr), mobile Wetax app, mobile apps of financial institutions, or virtual accounts. In particular, starting this year, using the "local tax deposit account (electronic payment number)" on the notice allows payment without transfer fees.