Gwonseon-gu September Property Tax Assessment on Land and Housing

The Gwonseon-gu Tax Department announced on the 3rd that it has assessed regular September property taxes on land and housing owners based on June 1, 2013, totaling 79,550 cases and 32.347 billion won. The payment period runs from the 16th to the 30th of this month.

The property tax taxable standard amount was assessed without change from the previous year, applying the fair market value ratio of 70% for land and 60% for housing based on the individually disclosed public land price and housing public announcement price. The property tax on housing is subject to a tax burden ceiling system, limiting increases to within 5% compared to the previous year for housing public announcement prices of 300 million won or less, within 10% for prices of 600 million won or less, and within 30% for prices exceeding 600 million won. The tax burden ceiling system for land-based property tax is 50%.

In particular, due to amendments to the Local Tax Law, this year's property tax terminology for the former urban planning tax property tax special provisions (property tax including principal tax assessment) has been changed to urban area portion. Additionally, the annual payment standard for property tax (housing) has been raised from the former 500,000 won or less (based on principal tax) to 1 million won or less, with annual payment notices issued in July. For housing valued at 1 million won or more, the remaining half of property taxes were assessed in September following July.

Property tax notices of 300,000 won or more are sent by registered mail, while those of 300,000 won or less are sent by regular mail. Payments can be made through direct payment at financial institutions via notices, automatic transfer, credit card payment, virtual accounts, internet payment through We-tax (www.wetax.go.kr), local tax ARS guidance phone service operating 365 days (031-228-3651), and smart bill-paying applications (APP) using smartphones.