2016 Issue 1346 → 2019 Issue 5313
Increasing Trend of Apartments Correcting Official Prices
[Reporter Moon Jiwon, Asia Economy] It has been revealed that the "officially announced price" of multi-family housing, which is used as the tax base, was adjusted more than 5,000 times last year alone. The Korea Appraisal Board is being criticized for handling the official price calculation work carelessly.
According to data submitted by the Korea Appraisal Board to Kim Hoe-jae, a member of the National Assembly Land, Infrastructure and Transport Committee from the Democratic Party of Korea, the number of units whose prices were corrected and re-announced after the official announcement of multi-family housing prices has been increasing: 1,346 units in 2016, 1,045 units in 2017, 5,740 units in 2018, and 5,313 units last year.
The number of units adjusted through official price objection requests was 26 in 2016, 39 in 2017, 168 in 2018, and 138 in 2019, but the number of related household corrections was 1,320 in 2016, 1,006 in 2017, 5,572 in 2018, and 5,175 in 2019, accounting for a significant portion.
During the investigation of households that filed objections, it was found that the Korea Appraisal Board did not properly reflect price formation factors such as floor, direction, and view, leading to corrections for multiple households together.
This year alone, 569 households were corrected together for one objection case, and last year, 349 households were corrected for three objection cases.
In the case of an apartment in Seongsu-dong, Seoul, where the official prices of 230 households were corrected last year due to the Korea Appraisal Board's failure to reflect price differences by floor and view, eight adjustment opinions related to this issue were submitted during the pre-announcement opinion hearing process, but it was found that these were not thoroughly reviewed.
Internal audits also revealed that the review committee handled the work formally, failing to properly examine the data due to its vast volume during the verification process.
There are many cases of negligence, such as one where the official price of a 59.64㎡ unit was calculated to be 13 million KRW higher than that of a 72.85㎡ unit due to the duplicate application of view price differences during the opinion hearing period.
Rep. Kim emphasized, "The official price of multi-family housing is used as a tax base and must be fair above all else, but such work processing cannot gain the trust of the public," adding, "It is necessary to review the entire investigation and calculation system and prepare improvement measures."
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