[Asia Economy Honam Reporting Headquarters Reporter Kim Yukbong] Buk-gu, Gwangju Metropolitan City (Mayor Moon In) announced on the 1st that the individual publicly announced land prices as of January 1 have been determined and disclosed.
This year, the individual land price in Buk-gu rose by 5.93% compared to the previous year, which is analyzed to be due to the increase in the standard land price and the promotion of land development projects in some areas.
The highest land price in Buk-gu is land located in Yongbong-dong (land category: site), which increased by 270,000 KRW from last year to 5.67 million KRW per ㎡, and the lowest land price is land located in Hwaam-dong (land category: forest land) at 900 KRW per ㎡.
The individual land prices determined and announced this time were finalized after conducting land characteristic surveys from November last year on a total of 86,200 land parcels (69,510 private lands, 16,690 national/public lands), verified by appraisers, hearing opinions from landowners, and deliberation by the Buk-gu Real Estate Price Public Announcement Committee.
Among the total 86,200 individual land parcels subject to public announcement, 83,452 parcels (96.8%) increased compared to the previous year, 1,628 parcels (1.9%) decreased, and the remaining 1,120 parcels (1.3%) had no price change or were newly surveyed parcels.
The decisions on individual land prices can be checked on the Buk-gu Office website, and landowners or other interested parties who have objections can submit an ‘Individual Land Price Objection Form’ to the local administrative welfare center or the Land Information Division Price Survey Team of Buk-gu Office by the 29th.
Land parcels with submitted objections will undergo re-verification and are scheduled to be adjusted and announced by the end of next month.
Meanwhile, individual land prices serve as the basis for national taxes such as comprehensive real estate tax and capital gains tax, local taxes such as property tax, acquisition tax, and registration tax, and are also used as standards for development charges, national/public land lease fees, and usage fees.
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