Gangnam Property Tax Installment Payments Double Amid Rising Burden

Applications for property tax installment payments in Seoul's Gangnam District have more than doubled compared to last year. The Gangnam District Office announced that as of the end of July this year, the number of property tax installment applications reached 2,925, an 111.9% increase compared to the same period last year. The amount applied for in installment payments also increased by approximately 24%, from 7.9 billion won last year to 9.8 billion won this year.

This increase comes as the official assessed value of apartments in Gangnam District rose by 25.8% year-on-year, leading to an average 16.3% increase in housing property taxes. Gangnam District introduced a 'My Home Property Tax Preview' service allowing taxpayers to check their estimated property taxes and eligibility for installment payments, and sent separate alerts to taxpayers whose total tax liability, including the property tax and urban area tax, exceeded 5 million won.

In Seoul's Songpa District, applications for property tax installment payments also saw a 2.6-fold increase compared to the same period last year. Official assessed values of apartments in Songpa District rose by 25.5% this year, with housing property taxes increasing by an average of 20.3%.