Shared Property Tax System
Description
Ryan Conway:
"In 2008, Seoul implemented the Shared Property Tax System to address fiscal disparities between the city’s 25 districts. As described in the research paper, “The Impact of the Shared Property Tax System on the Localities’ Fiscal Capacity,” all 25 of the city’s districts contribute 50 percent of property tax revenues to a single pool, which is then redistributed in equal shares to the district governments. The paper suggests that the equal redistribution policy significantly reduced fiscal disparities among localities within the first four years. Another prominent example of property tax sharing is the Twin Cities of Minnesota, which implemented their scheme in 1971." (https://www.shareable.net/shared-property-tax-system-reduces-disparities-public-services/)
More information
- View the full policy here at http://legal.seoul.go.kr/legal/english/front/page/law.html?pAct=lawView&pPromNo=1321