Nowon-gu, 2020 Individual Official Land Price Determination, Announcement, and Objection Submission

On the 29th, individual official land prices for 20,074 parcels were determined and announced... 8.16% increase compared to last year, objections accepted from May 29 to June 29

[Asia Economy Reporter Jong-il Park] Nowon-gu (District Mayor Oh Seung-rok) announced on the 29th that it has determined and publicly announced the individual official land prices for 20,074 parcels in the area and will accept objections.

Individual official land prices are investigated and calculated based on the standard land official prices announced annually, expressed as the price per square meter for each land lot number, and are used as criteria for various national taxes, local taxes, and charges.

The individual official land price increase rate in 2020 rose by 8.16% compared to the previous year, with Junggye-dong, Hagye-dong, and Wolgye-dong showing increases above the average. The rise in Junggye-dong and Hagye-dong is attributed to price adjustments reflecting reality due to new standard land (apartments), while Wolgye-dong's increase is believed to be due to expectations from the development around Gwangwoon University Station area and the implementation of reconstruction projects.

Viewing is available on the ‘Real Estate Official Price Informer’ website or at the Nowon-gu Office Real Estate Information Division or the community service centers.

Landowners and interested parties who have opinions after viewing can submit an objection form within the deadline. The objection submission period is from May 29 to June 29, and forms can be filled out and submitted at the viewing locations or submitted online via the ‘Ilsa Pyeonri’ website.

For lands with submitted opinions, a re-investigation will be conducted considering the characteristics of the individual land, the price of the standard land, and the balance with nearby land prices. After verification by certified appraisers and review by the Real Estate Price Public Announcement Committee, the results will be individually notified by July 24.

The district operates an ‘Appraiser Consultation System’ to resolve questions and provide practical help regarding individual official land prices for landowners and interested parties. It operates through non-face-to-face methods (such as phone), and those wishing to consult can contact the Real Estate Information Division.

District Mayor Oh Seung-rok said, “Since individual official land prices are used as data for various tax impositions, I ask everyone to pay attention and consult with appraisers if necessary to avoid any disadvantages.”

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