Gapyeong County Seeking Opinions on Standard Market Value of Buildings...Submissions Accepted Until March 3

"Check the Tax Base for Your Commercial Property"
Standard Market Values for Non-Residential Buildings Available on "Wetax"

Gapyeong County in Gyeonggi Province will accept opinions from property owners and interested parties on the calculated results for the 2026 standard market value of buildings until March 3.

A view of Gapyeong County Office. Provided by Gapyeong County.

According to the county, the standard market value is an appropriate value calculated by reflecting individual characteristics such as the structure and use of each building, in accordance with the criteria set by the Minister of the Interior and Safety. It is used as the basis for the tax base of local taxes, including acquisition tax and property tax.

The values being released cover non-residential buildings such as commercial stores, officetels, factories, and offices as of January 1, 2026. The relevant standard market values can be viewed on the "Wetax" system. If a building owner or interested party has any objections due to an excessive increase compared to the previous year or to market transaction prices, issues of fairness compared with similar nearby buildings, or changes in factual circumstances related to the calculation, they may submit an opinion letter on the standard market value by March 3. Opinions can be submitted by visiting the Taxation Division of the Gapyeong County Office in person with the opinion letter and supporting documents, or by mail.

If the county deems the submitted opinions reasonable, it will request approval for changes from Gyeonggi Province and will consult with the Ministry of the Interior and Safety depending on the scale of the adjustment. The review results will be individually notified in May, and after deliberation, the final notice is scheduled to be issued on June 1.

An official from Gapyeong County said, "We will listen sufficiently to the opinions of owners and others regarding the calculated standard market value of buildings, protect the property rights of residents, and strive to ensure fair taxation."

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