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I have a WP site. The site has a contact-us form, and I would risk saying that at least 75% of the mail I receive through it is spam. I am afraid to flag it as spam because I am afraid that all the mails, including the legit contacts, will be flagged as spam, and/or that my domain will be flagged as a spammer. Mail is BTW Gmail, if the solution should be in the mail settings.

You need to add a captcha or some type of authentication to the contact form. Cloudflare Turnstile is an easy free option with a WordPress plugin.
Welcome to the club. This is a problem on any website without guards in place to protect against it. Sadly scammers always find a way around anything you put in place to try to stop them. That said, a couple of things you can try are a CAPTCHA, and a honeypot. Google reCAPTCHA is a popular CAPTCHA choice, and many WordPress contact form plugins implement honeypot measures. Are you using a form plugin for your contact-us form?
Connect your site to Cloudflare, turn on bot protection and geo block Asia, Africa, South America and Tor. That takes care of 99.99% of spam for me.
Use Cloudflare, and add some captcha solution to your forms.
If you consider changing the plugin you use for the form, check [Mega Forms](https://wordpress.org/plugins/mega-forms/). I built this plugin and kept improving it to fight spam without using captcha. I can confidently say that I no longer receive any spam on the contact forms on any of my websites. Which I think is really good considering I don’t use cloudflare and no captcha.
There are 3 techniques I use for fighting spam, honeypot, timetrap, and a blacklist. Used to get around 5-10 spam emails a day, but after improving it, I haven’t seen any spam emails in a while.
Definitely don’t flag it as spam with your email account or you will just flag your own website.
Definitely institute spam filtering at the source – at the form.
What are you using for the contact form?
What you want is Cloudflare Turnstile
https://www.cloudflare.com/products/turnstile/
Free to use and there are WordPress plugins that protect any form on your site
https://wordpress.org/plugins/simple-cloudflare-turnstile/
I use it on all my sites now and it’s reduces contact form spam to near zero.