Standard Market Value of Buildings Released This Year... Opinions to Be Heard

205 Billion KRW Reduced Last Year
Through Stakeholder Opinion Collection

This year, the proposed standard market value for buildings such as officetels and commercial properties will be disclosed starting from the 10th. The government will reflect stakeholders' opinions by the end of this month and announce the finalized plan on June 1.

The Ministry of the Interior and Safety announced that it will disclose the "2025 Standard Market Value for Buildings (Proposal)" from today and collect opinions from owners and interested parties until the 28th. Last year, through the opinion submission process, 27,983 cases nationwide saw a reduction in the standard market value amounting to 205 billion KRW.

The standard market value serves as the basis for local governments to calculate the tax base for local taxes such as acquisition tax and property tax. After disclosing the standard value and collecting opinions, each local government head will decide and announce the value by June 1 this year. The buildings subject to opinion collection include officetels, commercial buildings, factories, and offices. The 2025 standard market value (proposal) can be viewed on the Wetax or Seoul City eTax websites.

For land or residential properties, the standard market value is applied based on the publicly announced official land price or housing price by the Ministry of Land, Infrastructure and Transport in accordance with the "Real Estate Price Public Announcement Act." Building owners, leaseholders, mortgage holders, and other interested parties can submit their opinions on the disclosed standard market value (proposal) to the tax administration department of the city, county, or district office having jurisdiction over the building location by the 28th.

If the calculated standard market value has excessively increased compared to the previous year, if it is unfair compared to similar nearby buildings, or if there has been a factual change in the building, an "Opinion Form on Standard Market Value" along with supporting documents can be submitted to the city, county, or district office.

If the local government’s review finds substantial grounds in the submitted opinions, the mayor, county governor, or district head may, with the approval of the provincial governor, revise the proposed standard market value and decide and announce it by June 1. If the change in the standard market value exceeds 20%, the provincial governor will approve it after consultation with the Ministry of the Interior and Safety.

Han Soon-gi, Director of the Local Finance and Economy Office at the Ministry of the Interior and Safety, stated, "We expect that the rationality of the standard market value calculation will be enhanced through the opinion collection process," and added, "We will continue to strive to calculate the standard market value reasonably to protect the property rights of the public."