Incheon City will investigate the land characteristics of approximately 630,000 parcels from the 20th of this month until January 17th next year to calculate the individual publicly announced land prices as of January 1, 2025.
Individual publicly announced land prices are used not only as a basis for imposing national and local taxes related to land but also as a standard for various charges.
Each district and county plans to review official records such as land use plan confirmation documents and building registers, as well as permit data, and conduct detailed investigations on-site regarding land use status, road conditions, and other characteristics.
The surveyed characteristics will be compared with the standard land characteristics decided and announced by the Minister of Land, Infrastructure and Transport to calculate a price ratio, which will then be used to determine the individual publicly announced land price for each parcel. Subsequently, after verification by appraisers, collection of landowners' opinions, and deliberation by the district and county real estate price announcement committees, the final decision and announcement are scheduled for April 30 next year.
Meanwhile, the city operates the 'Incheon City Map Portal' to transparently disclose the process of determining individual publicly announced land prices and to address citizens' inquiries. This portal visualizes major decision factors such as continuous cadastral maps, land prices, zoning, land use status, shape, and road frontage.
An official from Incheon City stated, "We will protect citizens' property rights and establish a fair taxation foundation through accurate and reliable public land price calculations."
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