Yeongdeungpo-gu Individual Official Land Prices Open for Resident Inspection and Opinion Submission

Access to 37,782 Individual Official Land Prices Available... April 5-26... Submit Opinions via District Office Visit, Website, Mail, Fax

[Asia Economy Reporter Jongil Park] Yeongdeungpo-gu (District Mayor Chae Hyun-il) is accepting public viewing and submission of opinions on the individually announced land prices for 37,782 parcels (price per ㎡) calculated as of January 1, 2021, until April 26.

Individually announced land prices refer to the price per unit area (KRW/㎡) of individual land calculated based on the standard land price, and are used as criteria for imposing various taxes such as national and local taxes, calculating health insurance premiums, and levying development charges.

This year’s individual land prices were finalized through land characteristic surveys based on the standard land prices announced by the Ministry of Land, Infrastructure and Transport on February 1.

Subsequently, after thorough verification by certified appraisers of the calculated prices, prior to final decision and announcement, residents are given the opportunity to review and submit opinions to ensure fairness and objectivity of the prices.

The viewing period is from April 5 to 26, a total of 20 days, and can be checked at the district office and each neighborhood community center’s civil service office in the land location jurisdiction. It is also available for viewing through the Yeongdeungpo-gu website or the Ilsa Pyeonri Seoul Real Estate Information Inquiry System.

Landowners and interested parties can submit opinions if, after reviewing the individual land prices and land use status, they believe that the prices are not balanced with the prices of standard land parcels with the same or most similar land characteristics or nearby land prices.

Opinions can be submitted by visiting the district office’s Real Estate Information Division, neighborhood community centers, or by mail or fax. They can also be submitted through the Yeongdeungpo-gu website or the Ilsa Pyeonri Integrated Real Estate Civil Service System.

After opinions are submitted, the responsible officials will re-investigate the land characteristics and status, undergo verification by certified appraisers, and review by the Real Estate Price Announcement Committee, then individually notify the submitters of the results.

After the public viewing and opinion submission process for the individual land prices is completed, the ‘2021 Individual Land Prices’ will be finally decided and announced on May 31.

For more detailed information, inquiries can be made to the Land Price Survey Team of the Real Estate Information Division at Yeongdeungpo-gu Office.

Meanwhile, the district operates an ‘Appraiser Consultation Service’ where residents can directly consult with professional certified appraisers to resolve questions and fulfill the right to know regarding the announced land prices.

The appraiser consultation service can be used up to four times during the viewing period.

Chae Hyun-il, Mayor of Yeongdeungpo-gu, stated, “Since individual land prices are very important data related to property rights such as property tax and capital gains tax, the prior viewing and opinion hearing process is an essential step,” and added, “We will continue to do our best to implement trusted administration by guaranteeing fair and transparent procedures.”