Question 1

What are the conditions for installment payment of comprehensive real estate tax?

Accepted Answer

1. If the tax exceeds KRW 2.5 million, you can apply for installment payment
2. For tax from KRW 2.5 million to KRW 5 million, the portion over KRW 2.5 million can be paid in installments
3. For tax over KRW 5 million, up to 50% can be paid in installments
4. The installment rule also applies proportionally to the rural special tax
5. The installment deadline is within 6 months of the original payment deadline

Question 2

What are the requirements for deferring comprehensive real estate tax?

Accepted Answer

1. Single-home owner household
2. Age 60 or older, or holding the home for at least 5 years
3. Prior-year total salary of KRW 70 million or less and comprehensive income of KRW 60 million or less
4. Current-year residential comprehensive real estate tax over KRW 1 million
5. Security in the amount of the tax must be provided when applying for the deferral

Frequently Asked Questions (FAQ)

Frequently Asked Questions