BUSAN — Busan's September property tax bills totaled 714.4 billion won, up 19.6 billion won from a year earlier, as rising home and land prices combined with the completion of large new apartment complexes to expand both the tax base and the amount levied. The city said it kept the fair market value ratio in place for owners of a single home per household to ease the burden on households.
The city said on the 15th that it had issued 1.835 million property tax bills worth 714.4 billion won to owners of homes and land. That compares with 1.815 million bills worth 694.8 billion won a year earlier, an increase of 20,000 bills and 19.6 billion won, or 2.8%.
Rising property prices had a direct effect on the higher tax take. Official prices for individual homes rose 1.94% this year, while individual official land prices climbed 1.99%. Newly built large apartment complexes added more taxable properties, pushing up the overall size of the property tax.
Property tax is levied on those who own land and homes as of June 1 each year. The tax on homes is split into two equal installments billed in July and September to spread out the payment burden. The current bills include the property tax, an urban area component, a regional resource facility tax for fire services and a local education tax.
Despite higher property prices, the city eased part of the burden for owners of a single home per household. It applied a fair market value ratio of 43% for homes with an official price of 300 million won or less, 44% for those above 300 million won and up to 600 million won, and 45% for those above 600 million won. The fair market value ratio is the figure multiplied by the official price to set the tax base for the property tax.
Among the city's districts, Haeundae had the largest levy at 106.5 billion won, followed by Gangseo at 100.7 billion won, Busanjin at 71.5 billion won, Nam at 60.6 billion won and Dongnae at 53.9 billion won. Yeongdo had the smallest at 11.9 billion won, followed by Seo at 12.8 billion won and Jung at 18.6 billion won. The gaps appear to reflect differences in property prices and the distribution of apartment complexes across the districts.
Taxpayers must pay by the 30th, with payments starting on the 16th. Missing the deadline brings a 3% late payment penalty. Payments can be made through the Smart Wetax and Wetax platforms and Internet Giro, as well as by virtual account, ARS, bank ATMs and Kakao Pay.
The city is also providing local tax support for small merchants and small business owners in tandem with its "100-Day Emergency Measures for Livelihoods" program, launched after the current mayor's term began. Those who meet requirements under the relevant laws, such as a serious business crisis, can apply to defer property tax collection or pay in installments. Support is granted only after a review of each individual case.
"Property tax is a valuable source of funding needed for districts to provide public services," said Lee Kyung-duk, the city's finance director. "We ask that residents pay their property tax within the deadline."
