Today, we will learn about property tax inquiry, payment methods, and payment timing. Property tax is a tax levied by local governments on property such as real estate and automobiles, and owners of homes and vehicles must pay property tax on their properties at regular intervals.
July and September each year are property tax payment periods. The first payment must be made in July, and the second payment for housing and land must be made in September.
property tax
Property tax is a type of local tax that is levied on property owned. Houses are the most representative example, but in addition, land, buildings, ships, and aviation are all subject to property tax.
Property tax assessment standards
Property tax is assessed on June 1st every year. If you own property as of June 1, it is classified as taxable. Generally, the first payment is completed in July, and the same amount paid in July, excluding the tax amount of 200,000 won, must be paid once again in September.
Property Tax Inquiry
Property tax inquiries can be checked on the Witax website.
Witax login
Pay
local tax
Search after setting the viewing period and entering information
When to pay property taxes
Separate payment period Construction July 16 – July 31 House 1st period July 16 – July 31 House 2nd period September 16 – October 4 Ship July 16 – July 31 Aircraft July 16 – July 31 Land September 16 – September 30
housing tax rate
Calculation of property tax standard amount
The standard taxable amount for property tax is the standard market value, but for buildings, apartments, land, and houses, it is calculated by multiplying the standard market value by the fair market value ratio.
Property tax standard amount = market standard amount
Comprehensive land share = [National combined publicly announced price x (1-exemption rate) – KRW 500 million]
Separately combined land portion = [National combined publicly announced price x (1-exemption rate) – KRW 8 billion]
Housing, such as apartments, = [National combined published price x (1-tax reduction rate) – KRW 600 million]
Corporate housing = [National combined published price x (1-reduction rate)] * 60% (no basic deduction)
Fair market value ratio and basic deduction may vary depending on changes in tax laws.
installment payment
If the property tax to be paid exceeds 2.5 million won, payment can be made in installments within 2 months from the due date.
Local tax refund inquiry
Refunds are issued due to double payment of local taxes or incorrect imposition of local taxes. You can check this and even apply for a refund through Witax. The refund will be deposited immediately after confirmation.
Witax
Request for refund
Refund inquiry and application
If the local tax inquiry results show ‘Y’ for collection and delinquency, you cannot apply for a refund.
Notice
If the property tax payment deadline passes, a delinquent penalty tax is levied. Please be careful not to exceed the payment deadline.
Comply with payment deadlines to avoid non-payment.
Please check the payment amount before payment.
After confirming the property tax reduction benefits, apply the applicable items to you.
finish
Today, we learned about property tax inquiry, payment methods, and payment timing. You can easily check and pay your property tax through Hometax. Please check your property tax accurately, check the payment method, and be careful not to miss the payment period.
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