Seoul Jung-gu Collects Residents' Opinions to Implement Fair Land Price Administration

Opinions from Landowners and Stakeholders Accepted by Visit, Phone, and Website Until the 28th... 2021 Standard Land Price to Be Determined and Announced on February 1, Individual Land Prices on May 31

[Asia Economy Reporter Jongil Park] Jung-gu, Seoul (Mayor Seoyangho) is implementing the '2021 Resident Participation Program for Fair Land Price Administration' until the 28th.

This is to listen to and reflect residents' opinions in the calculation of individual publicly announced land prices as of January 1, 2021.

The participation method is in the form of a survey, including questions such as whether the 2020 publicly announced land price is appropriate, and if not, the reasons for lowering or raising it and what the appropriate rate of change should be.

The collected opinions will be utilized in the review of the standard land price announcement and the investigation and decision of individual land prices to ensure they are reflected in the land price calculation.

Landowners and stakeholders in the area can fill out the survey forms available at the district office and community service centers until the 28th and submit their opinions by visiting the Jung-gu Land Management Division or by phone. They can also use the Jung-gu district office website (Jung-gu News/Resident Participation Program submission).

After the resident opinion collection period ends, an investigation of the land characteristics of individual parcels will follow. The investigation will be conducted based on Article 10 and Article 12 of the Real Estate Price Public Announcement Act and the Ministry of Land, Infrastructure and Transport’s guidelines for investigating and calculating individual publicly announced land prices, excluding standard land parcels from the investigation.

By early February next year, when the land characteristic investigation is completed, specific individual land price calculation work will proceed by applying price multipliers from the land price adjustment table based on the standard land prices investigated and decided by the Ministry of Land, Infrastructure and Transport.

Subsequently, after verification by certified appraisers, public viewing and opinion collection from landowners, and review by the Real Estate Price Public Announcement Committee, the individual publicly announced land prices will be decided and announced by May 31 next year.

Individual publicly announced land prices are not only central to national land policy formulation but also important data used as the basis for taxation, development charges, lease fees, and other levies, making fair and accurate calculation essential.

Mayor Seoyangho said, "We will do our utmost to carefully listen to residents' opinions and conduct detailed investigations and reviews to calculate appropriate prices so that no landowner suffers disadvantages."

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