Don’t Forget! September Property Tax Deadline Approaches
The end of September marks an important deadline for homeowners and property owners in South Korea. The second installment of property taxes must be paid by September 30, with penalties for late payments. This blog explores the details of property tax, including how it’s calculated, payment options, and what happens if you miss the deadline. Property tax is one of the key local taxes in South Korea, and it’s due twice a year for homeowners—once in July and again in September. This tax applies to land, buildings, homes, ships, and aircraft. Homeowners usually split the annual payment into two parts, while landowners pay in one lump sum in September. If the total tax amount is less than 200,000 KRW, the full payment can be made in July. Those who miss the payment deadline of September 30 will face a penalty of 3%, and for amounts over 450,000 KRW, an additional 0.66% per month will be added. Taxpayers are encouraged to use credit cards to pay, as there are no additional fees f...