Gwangju Seo-gu, Individual Housing Prices Determined and Announced... Up 6.22% Year-on-Year

[Asia Economy Honam Reporting Headquarters, Reporter Yoon Jamin] Seo-gu, Gwangju Metropolitan City announced on the 29th that it has determined and publicly notified the 2020 individual housing prices for 14,033 individual houses as of January 1st this year.

The individual housing prices announced this time were calculated based on the standard housing prices announced by the Minister of Land, Infrastructure and Transport on January 23rd, verified by the Korea Appraisal Board, and after receiving opinions from homeowners, they were determined and publicly notified through deliberation by the Real Estate Price Public Notice Committee.

This year's individual housing prices showed an increase of 6.22% compared to the previous year. By region, the increase rates were high in ▲Gwangcheon-dong 8.89%, ▲Seochang-dong 7.89%, and ▲Seha-dong 7.67%, while existing residential areas such as ▲Ssangchon-dong increased by 6.2% and ▲Hwajeong-dong by 6.65%.

The individual housing prices announced this time can be viewed and objections can be submitted from today until the 29th of next month on the Seo-gu Office website or at the Tax Division 1 and the resident centers in the housing locations.

A Seo-gu official stated, “Most low- and mid-priced houses are subject to the property tax burden cap system (5% for up to 300 million KRW, 10% for over 300 million to 600 million KRW, 30% for over 600 million KRW), which is a system to alleviate tax burdens. Therefore, even if housing prices rise or fall, the increase in tax burden for homeowners this year is expected to be minimal.”

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