As of June 1, anyone who owns a house, building, or land must pay property tax. Property taxes must be paid by the prescribed method and within the deadline. Let’s learn about property tax targets, payment period, inquiry method, payment method, and calculation method in July 2023.
property tax subject
Let’s find out who has to pay property taxes. Property tax is a local tax levied on those who own houses, buildings, land, ships, and aircraft as of June 1 each year. If you do not own any of the above properties, you do not pay property tax.
Since property tax is imposed based on the property owned on June 1st every year, properties that are cheaper than market price often come up for sale around April or May to avoid property tax. This period can also be an opportunity to catch good items.
What happens if you buy a home on May 31st? Property tax is levied based on the earlier of the registration date or the balance payment date.
When to pay property taxes
Let’s learn about when to pay property taxes. Property taxes are assessed twice, in July and September. If the property tax on your home is less than 200,000 won, it will be taxed all at once in July.
Payment timing type
July (July 16 – July 31) 1/2 of houses and buildings other than houses, ships, aircraft
September (September 16 to September 30) Land other than 1/2 of a house and land attached to a house
How to check property tax
Let’s learn about how to check property records. When it is time to pay property taxes, you will receive a bill. You can check your property tax on Witax in advance before your bill arrives. Witax property tax inquiry is available between July 10th and July 15th.
How to check property tax
1. Go to the Witax website and log in.
2. Click <Pay – Local Tax>.
3. You can search for property tax by entering the inquiry period, payment due date, local government, etc. and then searching.
How to pay property tax
Let’s learn about how to pay property taxes. Property taxes can be paid in a variety of ways, both online and offline.
Pay property taxes right away
1. Payment can be made directly to a financial institution, Nonghyup, or post office.
2. Payment can be made through virtual account transfer within the bill.
3. Credit and check card payments can be made at bank CDs/ATMs.
4. Wi-Tax (Internet) and Smart Wi-Tax (mobile) payments are available.
Let’s learn about tips for paying property taxes.
Tax payment tips
1. If the amount of tax paid exceeds 2.5 million won, payment can be made in installments.
2. Benefits are often provided when paying with a credit card.
3. Property taxes can be paid by someone else.
You can pay other people’s property taxes in cash at banks, etc. using your electronic payment number.
If you do not meet the property tax payment deadline, an additional 3% additional tax will be imposed, so please do not miss it.
property tax calculator
Let’s learn how to calculate property tax. Property tax is assessed based on the tax base, standard tax rate, and calculated tax amount. The method of calculating property tax is quite complicated. I don’t know all this! You can calculate your property tax in advance at our friendly Witax.
property tax calculator
1. Go to the Witax website and log in.
2. Click <Local tax information – Local tax precalculation – Property tax (special tax rate)>.
3. Check the special tax rate for those who own one home per household, and the standard tax rate for others.
4. You can check your property tax by simply entering the publicly announced price of the property you own.
After purchasing a home, you can calculate your property tax in advance to avoid running out of money in July or September.
So far, we have learned about how to check property tax for July 2023, payment period, and calculator. I hope this was helpful. thank you