Gwangjin-gu, Public Hearing on Standard Market Prices for Officetels, Commercial Buildings, and Offices

Possible to Submit Opinions Due to the Establishment of Article 4-2 of the Enforcement Decree of the Local Tax Act... Until the 28th

Submit by Writing Opinion Price and Reasons on the Form Available at the Taxation Division 1 of Gwangjin-gu Office

Enhancing Procedural Rationality of Standard Market Price Determination, Results to be Announced on June 1

[Asia Economy Reporter Park Jong-il] Gwangjin-gu (Mayor Kim Kyung-ho) will allow viewing and collecting opinions on the standard market price of non-residential buildings until the 28th.

The ‘standard market price’ refers to the publicly announced price of buildings, land, or houses used as the basis for local tax assessment.

Non-residential buildings such as ▲officetels ▲commercial buildings ▲offices, unlike individually announced land prices or housing official prices, have their standard market prices determined and announced every January 1 based on criteria set by the Minister of the Interior and Safety.

However, with the establishment of Article 4-2 of the Enforcement Decree of the Local Tax Act starting this year, owners and stakeholders can also submit opinions on the standard market price of buildings. This is expected to enhance procedural rationality in the determination of the standard market price.

The target includes 29,011 non-residential buildings in Gwangjin-gu as of January 1, 2023. The standard market prices for these can be viewed on the Seoul Metropolitan Government and Gwangjin-gu Office websites or by visiting the Taxation Division 1 of Gwangjin-gu Office.

Real estate owners or stakeholders who have opinions on the viewed prices can write their opinion price and specific reasons on the ‘Standard Market Price Opinion Submission Form’ available at the Taxation Division 1, and submit it along with supporting documents and a consent form for the collection and use of personal information.

The district office will verify the facts and review the submitted opinions on the building standard market prices, then calculate the investigation price by comparing it with the commercial building income price calculated by the Korea Local Tax Research Institute.

If the opinion price is within 20% of the standard market price, approval from Seoul City is obtained; if it exceeds 20%, consultation with the Ministry of the Interior and Safety is required, followed by review by the Gwangjin-gu Local Tax Deliberation Committee. The results will be individually notified to those who submitted opinions by the end of May and announced on June 1.

For inquiries regarding viewing and submitting opinions on the standard market price of non-residential buildings, contact the Real Estate Evaluation Team of Taxation Division 1 at Gwangjin-gu Office.

Kim Kyung-ho, Mayor of Gwangjin-gu, said, “The standard market price of buildings is closely related to residents’ tax payments such as property tax and health insurance premiums,” and added, “We hope residents will view the prices within the period and actively submit their opinions if any.”

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