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Apartment Acquisition Tax Reduction: Don't Miss Out on Tax Savings!

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Created: 2024-11-17

Created: 2024-11-17 01:18

Apartment Purchase: A Complete Guide to Acquisition Tax Reductions

Planning to buy an apartment? Acquisition tax is one of the significant costs associated with apartment purchases. However, you can reduce your tax burden by utilizing various reduction programs. This article will detail various methods and benefits for reducing apartment acquisition tax.

Why are Apartment Acquisition Tax Reductions Important?

Apartment acquisition tax is levied in proportion to the house price, so it can amount to a substantial sum, ranging from millions to tens of millions of won. Utilizing reduction programs can lessen this burden and allow you to allocate your valuable funds elsewhere.

Who is Eligible for Apartment Acquisition Tax Reductions?

Three Methods for Apartment Acquisition Tax Reduction

Three Methods for Apartment Acquisition Tax Reduction

  • Households with a Newborn: Households who gave birth after January 1, 2024, can receive up to 5 million won in acquisition tax reduction if their house price is 1.2 billion won or less.
  • Gyeonggi-do Households with Children and Housing Instability: Households in Gyeonggi-do with one or more children can receive acquisition tax reduction benefits if they meet income and housing price requirements.
  • First-Time Homebuyers: When purchasing a home for the first time, a 2 million won acquisition tax reduction can be received for houses valued at 1.2 billion won or less.

How to Receive Apartment Acquisition Tax Reductions?

  • Application Method: Depending on the applicable reduction program, necessary documents must be prepared and submitted to the relevant city/county tax office.
  • Required Documents: Resident registration, income certificate, contract, etc.
  • Points to Note: Carefully check the reduction conditions and apply within the specified period.

Additional Tips for Apartment Acquisition Tax Reductions!

  • Houses in Declining Population Areas: A 50% acquisition tax reduction can be received when purchasing a house in a declining population area.
  • Unsold Apartments in Local Areas: A 50% acquisition tax reduction can be received when using unsold local apartments for rental purposes.
  • Small-Sized Houses: Acquisition tax reduction benefits can be received when purchasing a small-sized house with an area of 60㎡ or less.

Frequently Asked Questions about Apartment Acquisition Tax Reductions

  • When should I apply for acquisition tax reduction? You must apply within a certain period after acquiring the house.
  • Does receiving an acquisition tax reduction also reduce other taxes? Only the acquisition tax is reduced; other taxes are not applicable.
  • Are there any cases where I need to repay the reduced acquisition tax? If you violate the reduction conditions, you may have to repay the reduced acquisition tax.

Don't Miss Out on Apartment Acquisition Tax Reductions!

Apartment acquisition tax reductions are complex and diverse, but if you thoroughly research and prepare, you can achieve significant tax savings. Refer to the information above to find the right reduction program for you, and it is recommended to consult with a professional to obtain accurate information.

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