Land Tax, 96,000 Thousand Won Per Person, 1,600 Increased from Last Year

The Ministry of Government Administration and Home Affairs revealed that the land tax has increased by 1.6 percent to 96,000 from 94,600 last year. The Ministry also announced that the total amount of the land tax amounted 1 trillion 422.3 billion won, 4.2 percent increased from last year.

MGAHA offered 32.2 percent for the standard tax rate of the land tax, which is 0.4 percent higher than last year, but the local governments increased additional 0.2 percent, imposing more tax duties.

The local governments, corresponding to the local government situation, may adjust the tax rate within 15 percent range of the declared land value, which is offered by the MGAHA.

The land tax is imposed to the landowner on July 1st now, and the period of the payment is from Oct. 16 –31.

If the taxpayer delayed the payment until November, 5 percent of fine will be charged and 1.2 percent of additional fine will be charged for each month after November, up to 77 percent for 5 years.

Hyun Ki-Deuk ratio@donga.com