Submit Opinions by December 4
The standard market price for officetels next year is expected to decrease by 0.3% compared to the same period last year, while commercial buildings are anticipated to rise by 0.5%.
The National Tax Service announced on the 14th that it will collect opinions from owners and stakeholders from the 14th until next month 4th before finalizing the standard market prices for officetels and commercial buildings in 2025.
Opinions submitted during this period will be reviewed by the Korea Real Estate Board for acceptance, and the results will be individually notified. The standard market prices reflecting accepted opinions will be finalized after deliberation by the Evaluation Review Committee and officially announced on December 31.
The standard market price is used when the market price is unknown for calculating inheritance, gift tax, and capital gains tax. It is not used for local taxes such as acquisition tax and property tax, comprehensive real estate tax, or social insurance fees such as health insurance premiums.
The announcement targets officetels nationwide and commercial buildings with separate ownership of a certain size (3,000㎡ or 100 units) located in the metropolitan area, five major metropolitan cities, and Sejong City. The volume of this announcement is 2.4 million units (1.28 million officetels and 1.12 million commercial buildings).
The standard market price is generally expected to be similar to last year, with officetels decreasing by 0.3% and commercial buildings increasing by 0.5% compared to the previous year.
Preliminary viewing can be done by referring to the banners posted on the National Tax Service website and Hometax. If there is an objection to the standard market price, opinions can be submitted online or by visiting the local tax office directly.
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