Eligibility | Laws & Regulations of Tax Reduction and Exemption or Tax Incentives | ||||||||||||
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Private houses that meet any of the following circumstances |
Subparagraph 2,3,6, Paragraph1,and Subparagraph 2, Paragraph2, Article 15 of House Tax Act
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Foundation |
Article 26 of Culture and the Arts Reward and Promotion Act Private libraries, museums, art museums, art galleries, folk museums, experimental theaters, exhibition halls, and performance halls that have been established with the permission of the cultural and educational supervisory authority and have registered as a juridical person or were constructed by a juridical person and where related land and buildings are owned by the juridical person may be exempt from land and house taxes. |
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Private institutions participating in infrastructure projects |
Article 39 of Act for Promotion of Private Participation in Infrastructure Projects The land value tax and the housing tax leviable on the real estate for direct use by a private institution during the building or operations of a major infrastructure project in which the private institution participates, and the deed tax leviable at the time of acquisition of such real estate may be reduced or completely exempted at the discretion of the authorities. |
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Owner of building constructed in the new town special area |
Article 25 of New Town Development Act After the buildings in a new town special area are completed, the housing tax, land value tax, and deed tax will be exempted in the first year, and reduced by 80% in the second year, 60% in the third year, 40% in the fourth year, and 20% in the fifth year, and no reduction will be offered since the sixth year. |
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Private institutions participating in transportation infrastructure projects |
Land value tax, house tax leviable on real estates during the period of building and operation of the approved transportation infrastructure project, and deeds tax leviable on real estates at the time of procurement, may be appropriately reduced or completely exempted as the case may be, provided that said real estates are for direct use by a private entity eligible for encouragement under this Statute. |