Yongin City "Temporary Two-Property Owners, Avoid Additional Acquisition Tax"

[Suwon Ilbo=Reporter Park No-hun] Giheung-gu, Yongin City announced on the 24th that it has begun providing advance guidance to prevent residents from suffering disadvantages due to additional acquisition tax as the housing disposal grace period for temporary two-property owners approaches.

With the revision to the Local Tax Law Enforcement Decree taking effect last August, temporary two-property owners must dispose of their previous residence within a three-year housing disposal grace period to receive the single-property owner tax rate.

If both properties are included in adjustment zones, the previous residence must be disposed of within one year.

If the property is not disposed of within the grace period, two-property owners must pay 8% acquisition tax. This means they pay 5-7% more than single-property owners, who pay 1-3% acquisition tax.

Additionally, they must also pay an underreporting penalty surcharge (10% for underreporting) and a payment delinquency surcharge (0.025% per day) for underreported amounts.

As the housing disposal grace period for temporary two-property owners whose two properties are both included in adjustment zones approaches August, the district plans to send advance guidance notices and conduct ongoing publicity to prevent residents from suffering disadvantages due to additional acquisition tax.

A district official said, "We are providing advance guidance to reduce the additional tax burden that arises when taxpayers are unaware of regulations and to prevent tax base omissions," and added, "Temporary two-property owners are urged to dispose of their previous residence by the end of the housing disposal grace period."