Pohang City Announces and Publishes Standard Land Prices for 2023

6.87% Decrease in Nam-gu and 6.79% Decrease in Buk-gu Compared to Last Year

[Asia Economy Yeongnam Reporting Headquarters Reporter Dongguk Lee] Pohang City announced on the 25th that the 2023 standard land price has decreased by 6.87% in Nam-gu and 6.79% in Buk-gu compared to last year.

Pohang City Hall.

According to the city, the Ministry of Land, Infrastructure and Transport, after deliberation by the Central Real Estate Price Public Notice Committee, decided and announced on the 25th that the total number of standard land parcels in Pohang City is 6,648. With a decrease of 6.87% in Nam-gu and 6.79% in Buk-gu compared to last year, it is expected that the burden of various taxes imposed on land, such as comprehensive real estate tax, will also decrease.

This year's decline in the standard land price reflects the revision plan to realize the actual real estate public price, which incorporates the real estate market slump and worsening economic conditions. To alleviate the burden of real estate holding tax, the Ministry of Land decided to lower the 2023 applied realization rate to the 2020 level, and the 2023 standard land price was calculated by applying the revised realization plan.

Since the standard land price serves as the basis for calculating individual land prices, this downward adjustment is expected to affect the individual land prices to be announced on April 28.

The standard land price can be viewed on the Real Estate Public Price Information website, and if there are any objections to the standard land price, objections can be filed by February 23.

The 2023 standard land price nationwide average decreased by 5.92% compared to last year, and Gyeongbuk Province showed a decrease of 6.85%.

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