SEOUL, July 17 (Korea Bizwire) – Among the 3.74 million property tax payers in Seoul for the first half of this year, Samsung Electronics’ headquarters in Seocho-gu was the largest tax payer with 1.7 billion won(US$1.65 million).
The Seoul Metropolitan Government announced on July 15 that it sent out the property tax bills amounting to 1.22 trillion won($1.2 billion) for the first half of this year. It was a 7.9 percent, or 89.3 billion won($87 million), increase over the same period of the previous year and the due date for payment is July 31.
The property tax or real estate holding tax is levied to the owners of houses, lands and commercial buildings based on the taxation date (June 1) twice a year in July and September. In June, the city government imposes the property taxes on the half of houses, buildings, ships and aircraft and in September, it levies the property taxes on the remaining half of houses and lands.
For this year, the total amount of the property taxes imposed on Seoul residents marked 3.4 trillion won($3.3 billion), a 5.1 percent or 166 billion won increase over the previous year as the declared value of the real estate in Seoul increased overall.
Although the declared prices of apartments and town houses decreased by 0.9 percent this year, those of family houses and multi-family houses, standard value for newly constructed buildings and appraised value of land increased 3.4 percent, 3.2 percent and 4.1 percent, respectively. Further, the newly established triple punitive taxation scheme on fire hazardous buildings added the increase in Seoul’s property tax bill.
By district (gu), Gangnam-gu topped with 191.2 billion won in the July billings and Seocho-gu and Songpa-gu followed with 123.5 billion won and 106.5 billion won respectively. Meanwhile, Gangbuk-gu trailed with 16.9 billion won.
For fiscal balance across districts within the city, the city government will pool the property tax receipt of 889.5 billion won and divvy it up equally to 25 districts for 35.6 billion won each.
Meanwhile, Samsung’s Seocho Town building was imposed 1.7 billion of property tax, the largest amount by buildings and the Asan Foundation and Lotte Hotel World ranked the second and the third respectively.
Written by John Choi (email@example.com)