Geochang-gun Announces Standard Market Value for Buildings and Other Objects for 2021

New Building Construction Price 740,000 KRW per Square Meter

Geochang County Office Building Exterior (Photo by Geochang County)

[Asia Economy Yeongnam Reporting Headquarters Reporter Choi Soon-kyung] Geochang-gun, Gyeongnam Province, decided and announced the standard market price applicable to buildings and other objects for 2021 on the 24th, and will implement it from January 1, 2021.

The standard market price is finally decided and announced by the county after going through the approval process of Gyeongsangnam-do, based on the criteria set by the Minister of the Ministry of the Interior and Safety, reflecting characteristics of taxable objects such as official land price, structure, usage, and elapsed years for taxable items like buildings, vehicles, and machinery equipment.

The standard market price decided and announced this time will be used as basic data for calculating the tax base of the taxable objects and applied to local taxes such as acquisition tax and property tax.

The main contents of the standard market price include a building new construction base price of 740,000 KRW per square meter, up 1.4% compared to the previous year; reflection of the base price survey for other objects such as vehicles, ships, machinery equipment, and two-wheeled vehicles; establishment of tax standards for eco-friendly car charging stations; adjustment of building indices; and adjustment of residual value rates for vehicles and machinery equipment.

Gu In-mo, the mayor of Geochang-gun, said, “We have decided and announced the standard market price to maintain fairness among taxable objects and to prevent a sudden increase in tax burden, and we will carry out the 2021 local tax imposition work without any setbacks.”

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