Seoul City Begins 2023 Individual Land Price Survey... Decision and Announcement by End of April Next Year

Identification of target parcels by 11/21, estimated at approximately 870,000 land parcels
Individual official land price assessment completed, public viewing and opinion hearing from 3/1 to 4/5 next year
Decision and announcement by the end of April next year after review by the district real estate price disclosure committee

[Asia Economy Reporter Hwang Seoyul] Seoul City announced on the 24th that it will begin the official land price survey to determine and announce the individual official land prices for 2023.

Before the survey, the city plans to identify the target parcels by the 22nd of next month, with the target land estimated to be about 870,000 parcels. Field surveys will be conducted by district government officials, and a comprehensive analysis of real transaction prices in Seoul and real estate trends will be performed. The land price will be calculated by comparing the characteristics of individual parcels based on standard land prices.

Individual official land prices are calculated by district mayors based on the standard land prices determined and announced by the Minister of Land, Infrastructure and Transport. After analyzing the characteristics of individual land such as ▲zoning ▲usage status ▲topography ▲road conditions, the price per 1㎡ for each parcel is determined by multiplying the price ratio from the land price adjustment table according to these differences. Individual official land prices are used annually as the basis for national and local taxes, charges, and other levies.

Once the individual official land price calculation is completed, it will undergo verification by experts (appraisers), followed by a 20-day public inspection and opinion hearing process for landowners from March 17 to April 5 next year. Afterward, the individual official land prices will be reviewed by the real estate price announcement committee of each district and are expected to be determined and announced by the end of April next year.

Meanwhile, Seoul City has regarded the various tax burdens arising from the rise in official land prices as a significant issue and is making efforts such as conducting a balance survey by region and usage type. Since last year, the city has continuously requested the Ministry of Land, Infrastructure and Transport to ease the price realization of official prices, and the government is also positively considering this.

Jo Namjun, Director of the Seoul City Urban Planning Bureau, said, “Individual official land prices, which are used as the basis for various taxes such as national and local taxes, are an important matter as they are directly linked to citizens’ tax burdens,” and added, “We will make every effort at the city level, including continuous collaboration with districts, to ensure fair calculation.”

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