Sep. 14, 2009 (The Korea Times) -- Seoul City is hoping to collect 1.88 trillion won in property taxes in September.

According to city officials Monday, the sum is about 2.3 percent lower than what the city tried to collect in September last year.

By district, Gangnam, the upscale southern part of Seoul, tops the list with expected property taxes of 225 billion won, followed by Seocho and Songpa, all three of which are regarded as the most affluent districts in Seoul.

Korea Electric Power Corp., the state-run utility firm, is asked to pay 11.8 billion won, the highest property tax for land holdings. Lotte Hotel, Lotte Shopping and KT and Samsung Life Insurance follow in that order.

All taxes should be paid by the end of the month - any delay will carry an additional 3 percent in penalty.