Gangnam Property Tax Split Applications More Than Double Amid Rising Home Prices and Tax Burdens

As rising home prices increase tax burdens in Gangnam-gu, an area dense with high-priced apartments, applications for property tax installment payments have more than doubled compared to last year.

Gangnam-gu, Seoul (Mayor Kim Hyun-ki) announced today (August 3) that applications for property tax installment payments reached 2,925 cases as of last month, marking a 111.9% increase from 1,380 cases last year.

Consequently, the total amount requested for property tax installment payments also rose by 24% (1.9 billion won), reaching 9.8 billion won compared to 7.9 billion won last year.

In Gangnam-gu, apartment prices surged by 25.8% this year compared to last year, driving up residential property taxes by an average of 16.3% and significantly increasing the tax burden on taxpayers.

The district explained that it has strengthened advance notices and application support so that taxpayers can check their property taxes in advance and establish payment plans suited to their financial situations.

Since June, Gangnam-gu has operated a preview corner for property taxes on its website and improved accessibility to installment payments through services such as a dedicated consultation counter and smartphone QR code applications.

The property tax preview service, developed directly by Gangnam-gu employees, has recorded a cumulative 8,413 uses.

By entering an address, residents can check the publicly announced price and the estimated residential property tax.

Reflecting regional characteristics of high tax burdens, the service also guides users on whether they are eligible for installment payments and provides estimated amounts for each installment.

In addition, the district has introduced and implemented notifications via KakaoTalk for installment payments, simplified smartphone QR code applications, and promotion of tax payment deferrals.

Gangnam-gu Mayor Kim Hyun-ki said, "We will continue to expand taxpayer convenience policies that residents can actually feel."

(Photo provided by Gangnam-gu, Seoul; Yonhap News)
※ Please note: This article was translated by AI and may contain errors.