Why Are Taxes Like This? Ulsan City Seeks Opinions on Standard Market Value of Commercial Properties

Until February 28, Non-Residential Buildings Targeted

Strengthening Property Rights Protection Based on Health Insurance and Local Tax Regulations

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] Ulsan City will listen to the voices of citizens regarding the standard market value used as the tax base for commercial properties starting this year.

On the 19th, Ulsan City announced that it will publicly disclose the 2023 standard market value for non-residential buildings such as commercial buildings and officetels in advance and accept opinions from owners or stakeholders until the 28th.

This opinion collection is in accordance with the revision of the Enforcement Decree of the Local Tax Act, which allows building owners or stakeholders to submit opinions on the pre-disclosed standard market value calculation results starting this year.

The standard market value is determined by the head of the local government after reflecting the individual characteristics of the building according to the standards set by the Minister of the Interior and Safety. The calculated price is used in various ways, such as the tax base for local taxes like acquisition tax and property tax, and the calculation basis for national health insurance premiums.

The disclosed standard market value can be checked on Wetax. The disclosure target includes buildings such as commercial buildings and officetels registered in the tax ledger as of January 1 this year, excluding residential buildings.

Building owners or stakeholders who have reasons such as △excessive increase rate compared to the previous year or market transaction price △issues of fairness with nearby similar buildings △changes in facts related to the calculation can visit the district or county office where the building is located in person or submit an opinion letter and related supporting documents by mail by February 28.

If the submitted opinion is deemed valid, the district mayor or county governor will reflect the opinion and recalculate the standard market value, finalizing it as of June 1. The submitter can receive the review result by mail.

An official from Ulsan City said, “We hope that the opinion hearing procedure on the building standard market value, implemented for the first time this year, will provide an opportunity to submit opinions on the standard market value and strengthen the protection of citizens’ property rights.”