Seongnam City Pursues Temporary Property Tax Reduction for One-Housing-Per-Household Owners

Seongnam City announced it will implement a temporary property tax reduction for one-housing-per-household owners through an ordinance amendment, the first among mayoral campaign pledges for the ninth term of office.

To ease the increased tax burden resulting from high oil prices, high exchange rates, high inflation, and rising official housing prices, the city plans to temporarily reduce property tax assessments for actual homeowners holding one house as of June 1, 2026.

For homes with a standard taxable value of 900 million won or less, the reduction will be 50% of the standard tax rate; those exceeding 900 million won up to 1.2 billion won will receive a 20% reduction; and those exceeding 1.2 billion won will receive a 10% reduction. However, taxpayers subject to special tax rates and reduction rates equivalent to these or those covered by the tax burden ceiling system will be excluded.

The total reduction scale amounts to 16.9 billion won, comprising 14.1 billion won in property tax and 2.8 billion won in local education tax. The city has completed legislative notice of the ordinance amendment and plans to submit the agenda to the city council in October. It will send notice to eligible recipients in November and complete payment of refunds by December.