Ministry of the Interior and Safety Seeks Opinions on Standard Market Value of Buildings Including Commercial and Officetel Properties

Introduction of Taxpayer Opinion Hearing System for the First Time This Year

[Asia Economy Reporter Kiho Sung] The Ministry of the Interior and Safety announced on the 14th that it will pre-disclose the standard market value, which serves as the basis for local taxes such as acquisition tax and property tax on non-residential buildings like commercial buildings and officetels, and solicit opinions.

The pre-disclosure and solicitation of opinions on the standard market value of non-residential buildings is a system being implemented for the first time this year.

[Image source=Yonhap News]

Owners and stakeholders of buildings can submit their opinions on the disclosed standard market value by the 28th if there are significant reasons such as excessive changes compared to the previous year, fairness with similar nearby buildings, or changes in factual circumstances.

If the city, county, or district determines that the opinions submitted by owners and stakeholders have substantial grounds, it can change the standard market value with the approval of the provincial governor. The revised standard market value will be decided and announced by June 1 after going through the local tax review committee of the city, county, or district.

Choi Byung-kwan, Director of the Local Finance and Economy Office at the Ministry of the Interior and Safety, stated, “This is the first time we are soliciting opinions from owners and stakeholders on the standard market value of buildings such as commercial buildings and officetels this year, and we expect this to enhance the validity of the standard market value calculation.” He added, “Since the standard market value forms the basis for local tax imposition, we will continue to make efforts for the rational calculation of building standard market values in the future.”