Gyeonggi Province Imposes 1.1336 Trillion Won in Regular Property Taxes for July

Gyeonggi Province announced on the 12th that it has imposed 1.1336 trillion won in regular property taxes for July this year.

According to the province, the property taxes assessed this time increased by 70 billion won (6.58%) compared to the previous year.

Looking at the breakdown, property taxes increased 5.6% year-on-year to 463.7 billion won.

The property tax for increased urban areas came to 331.8 billion won, up 5.97% from last year.

Regional resource facility tax totaled 245.6 billion won and local education tax was 92.5 billion won, each increasing 8.91% and 7.81% respectively compared to the previous year.

By city and county, Seongnam paid the most property taxes at 126.4 billion won.

This was followed by Yongin at 103.4 billion won and Suwon at 102.5 billion won.

In contrast, Yeoncheon County paid the least property tax among cities and counties in the province at 1.9 billion won.

Gapyeong County and Yangpyeong County followed with 5.9 billion won and 6.1 billion won respectively.

The province cited the following factors for the property tax increase: △increase in taxable objects (142,278 cases), △rise in individual housing prices (2.58%), △increase in building construction price standards (1.6%), and △construction of multi-unit housing within large-scale residential development districts such as Hwaseong Dongtan 2 residential development district.

A province official stated, "The complete revision of the 'Local Tax Special Exception Restriction Act' in accordance with the government's policy to reduce local tax exemptions is also analyzed to have had an impact, as taxes on various public works, industrial complexes, and medical institutions were eliminated or reduced."

The property tax payment period is from the 16th to the 31st of this month.

If the payment deadline is missed, additional penalties will be incurred.

For more information, inquiries can be made through the Gyeonggi Province website or the Tax Administration Division (031-8008-4137).