The Ministry of Land, Infrastructure and Transport will carry out the procedures for viewing the owners and listening to opinions on the official land price (draft) of 520,000 lots of standard lot as of January 1, next year, from the 24th to the 12th of January next year.
As the basis for calculating the official land price for the standard lot (33.46 million lots), the officially announced individual land price is calculated by the Si/Gun/Gu using the official standard land price and the approval table.
The standard land for next year's price announcement was selected from 520,000 lots out of 33.98 million lots of land subject to public disclosure nationwide. This is an increase of 20,000 lots from this year in order to improve the distribution of standard lots by use area.
A total of 1,180 appraisers from 66 appraisal agencies and appraisal offices participated in the investigation and evaluation of the official land price of standard lots in accordance with the Act on Disclosure of Real Estate Prices.
The official land price of standard land was calculated by applying the realization rate according to the 'Plan for Realization of Official Real Estate Price' announced on November 3, based on a market price survey by an appraiser.
The rate of change in the official land price for standard paper next year was found to be 10.37% nationwide.
By city and province, Sejong 12.38%, Seoul 11.41%, Gwangju 11.39%, Busan 11.08%, Daegu 10.92%, etc. Seoul fluctuated by 3.5 percentage points compared to this year, but it is 2.4 percentage points lower than in 2019.
By use situation, 11.08% for residential use, 10.14% for commercial use, 9.24% for agricultural land, 8.46% for forested land, and 7.56% for industrial use. Commercial land has increased compared to this year, but it is 2.2 percentage points lower than in 2019.
The actualization rate of the official land price for standard land is 68.4%, which is expected to increase by 2.9 percentage points compared to this year (65.5%). This is similar to the target of 68.6% according to the realization plan.
The property tax rate on land is lower than that of housing, so the change in property tax amount due to changes in the official land price is not expected to be large.
The official land price of the standard lot will be decided and announced on February 1, next year, after hearing opinions from owners and local governments, and deliberation by the Central Real Estate Price Disclosure Committee.
From this year, the Ministry of Land, Infrastructure and Transport plans to strengthen listening to opinions on the official land price by individually notifying all co-owners of the official land price for listening to opinions in accordance with the amended Enforcement Decree of the Real Estate Disclosure Act from this year, and listening to the opinions of not only the heads of Si/Gun/Gu but also the competent Mayor
