Bucheon-si Announces Individual Housing Prices This Year... 5.18% Increase

Bucheon City Hall

[Asia Economy Reporter Park Hyesook] This year, the individual housing price increase rate in Bucheon-si, Gyeonggi Province, was 5.18%.

Bucheon-si determined and announced the prices for 18,688 individual houses as of January 1, 2020, on the 29th.

Individual housing prices are used as the basis for taxation of various national and local taxes such as capital gains tax and property tax, and apply to detached houses, multi-family houses, and others.

The prices were calculated by comparing the characteristics of individual houses surveyed from November 1 of last year to January 31 of this year with those of standard houses. After verification by the Korea Appraisal Board and a period for hearing owners' opinions, the Real Estate Price Disclosure Committee made the final decision.

This year’s individual housing price increase rate in Bucheon-si at 5.18% is slightly lower compared to nearby areas such as Gangseo-gu, Seoul (6.4%), Bupyeong-gu, Incheon (5.93%), and Gwangmyeong-si (6.21%), but somewhat higher than Gyeyang-gu, Incheon (5.03%) and Siheung-si (4.6%).

The announced individual housing prices can be viewed on the city’s website or at the city hall’s Property Tax Division, administrative welfare centers, and resident support centers. Objections can be filed until the 29th of next month.

For objections, a re-investigation of the appropriateness of the determined price will be conducted. After verification by the Korea Appraisal Board and deliberation by the Real Estate Price Disclosure Committee, prices of adjusted houses will be re-announced on June 26.

Meanwhile, the apartment prices surveyed and calculated by the Ministry of Land, Infrastructure and Transport can also be viewed and objected to on the Real Estate Price Disclosure website.

A Bucheon-si official urged, "Since individual housing prices are used as the basis for various taxes such as property tax and comprehensive real estate tax this year, as well as for health insurance premiums, homeowners and stakeholders should pay attention and verify whether the prices are appropriate."

This content was produced with the assistance of AI translation services.