Yongin-si Announces Individual Official Land Prices for 4,964 Parcels with Updated Land Information

First Half-Year Land Subject to Division, Merger, and Designation Change
Objections Accepted Until the 29th

Yongin City in Gyeonggi Province announced on the 1st that it has determined and officially announced the individual official land prices for 4,964 parcels of land with updated land information in the first half of this year, effective as of the 31st of last month.

The land subject to the officially announced prices this time includes parcels that have been reorganized in the cadastral register due to division, merger, or land category changes. The official land prices were determined through land characteristic surveys, price estimation, hearing opinions from landowners and stakeholders, verification by appraisers, and deliberation by the Yongin City Real Estate Price Public Announcement Committee. Individual official land prices are used as the basis for various taxes and charges related to land, such as property tax.

The city will accept objections to these land prices until the 29th of this month. Landowners and stakeholders with objections can fill out and submit an objection form available at the inspection locations. Official land price information can be checked at the district office cadastral civil service departments where the land is located, at the town, township, and neighborhood civil service offices, and on the Ministry of Land, Infrastructure and Transport's 'Real Estate Public Price Notification' website.

For lands with submitted objections, a re-investigation of land characteristics and an examination of whether the price balance with standard land prices and neighboring lands is maintained will be conducted, followed by deliberation by the Yongin City Real Estate Price Public Announcement Committee. The results of the deliberation will be individually notified, and the individual official land prices reflecting the objections will be adjusted, determined, and announced on December 23rd.

A city official stated, "Landowners and stakeholders should directly check the individual official land prices to ensure proper land value assessment and appropriate tax burden, review their adequacy, and submit their opinions."