Next Year, Officetel Prices Expected to Drop 4.78% and Commercial Building Prices 0.96%... National Tax Service Does Not Disclose Standard Market Prices

Submit Opinions by the 8th of Next Month

The National Tax Service announced on the 17th that it will disclose the proposed 2024 standard market prices for officetels and commercial buildings and will accept opinions from owners and stakeholders until the 8th of next month.

The announcement targets officetels nationwide and commercial buildings with divided ownership of 3,000㎡ or more or 100 units or more located in the metropolitan area, the five major metropolitan cities, and Sejong City.

The volume of properties subject to this announcement increased by 5.9% compared to the previous year, totaling 2.29 million units (1.22 million officetels and 1.07 million commercial buildings). According to the proposed standard market prices, officetels are expected to decrease by an average of 4.78% compared to last year, while commercial buildings are expected to decline by 0.96%.

Price viewing is available on the National Tax Service website and Hometax. If there are objections to the standard market prices, opinions can be submitted online or by visiting the local tax office in person.

Submitted opinions will be reviewed by the Korea Real Estate Board for acceptance, and individual notifications will be sent. Subsequently, the accepted opinions will be reflected in the standard market prices, which will undergo review by the Evaluation Deliberation Committee and be finally announced on the 29th of next month.

The standard market price is used when the market price is unknown for inheritance, gift tax, and capital gains tax assessments. It is not used for local taxes such as acquisition tax and property tax, comprehensive real estate tax, or social insurance premiums such as health insurance fees.

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