Seongnam City to Implement Temporary Property Tax Reduction for Single-Home Owners

Seongnam City announced that it will implement a temporary property tax reduction for single-home owners by amending ordinances, marking the first policy pledge of the ninth-term mayoral administration to be enacted into law.

To ease the tax burden resulting from high oil prices, exchange rates, commodity prices, and rising public housing prices, the city plans to temporarily reduce property taxes for actual homeowners holding one residential property as of June 1, 2026.

Homes with a standard market value of 900 million won or less will receive a 50% reduction from the standard tax rate; those exceeding 900 million won but not exceeding 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 equal to the above or those applying the property tax ceiling system are excluded.

The total reduction scale is 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 the legislative notice for the ordinance amendment and plans to submit the bill to the city council in October. The city will send notifications to eligible recipients in November and complete the refund payment by December.