Gyeonggi Province Releases Standard Market Prices for Buildings...Accepting Opinions Until February 27

On February 12, Gyeonggi Province released around 2 million cases of this year’s standard market prices for buildings on Wetax (wetax.go.kr) and will collect opinions from building owners and interested parties until February 27.

This procedure is intended to disclose the calculated results in advance, before the standard market prices are finalized and announced, and to reflect the opinions of stakeholders.

The standard market price for buildings is a reference value calculated by reflecting individual characteristics such as the structure, size, and use of each building, in accordance with the standards of the Ministry of the Interior and Safety. It is used as the basis for imposing local taxes, including property tax and acquisition tax.

The subjects for opinion hearing are officetels and non-residential buildings that were registered in the local tax ledger as of January 1 this year.

Grounds for submitting an opinion include excessive fluctuation compared with the previous year or the actual transaction price, issues of fairness compared with similar nearby buildings, and changes in the actual status of the building or other factual changes. If it is deemed that an adjustment of the standard market price is necessary, an opinion statement must be submitted with specific reasons and supporting documents attached.

Gyeonggi Provincial Government

Building owners and interested parties can check the standard market price through Wetax or the tax department of the relevant city or county, and if they have any opinions, they may submit them to the tax department of the relevant city or county within the period by visiting in person, or by mail or fax.

The submitted opinions will be reviewed mainly to determine whether the amount is appropriate, and then the final standard market prices will be confirmed after approval by the governor and deliberation by the local tax deliberation committees of each city and county. The confirmed amounts are scheduled to be announced on June 1. The finalized and announced 2026 standard market prices for buildings will be used as the tax base for the regular July property tax (buildings) and for acquisition tax, among others.

Ryu Youngyong, head of the Tax Administration Division of Gyeonggi Province, said, “The standard market price is an important benchmark directly linked to the tax burden of provincial residents,” and added, “Please carefully check the pre-disclosed amounts and make active use of the opinion-hearing system.”

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