Submissions Accepted Until the 28th
Naju City, Jeonnam will disclose the assessed standard market value of buildings for 2025 prior to finalization and will collect opinions from building owners and interested parties.
This measure aims to ensure the fairness and appropriateness of the standard market value, which serves as the basis for local tax assessments.
The standard market value is calculated based on the structure, usage, and individual characteristics of the building, following the criteria set by the Minister of the Interior and Safety, and serves as the basis for local tax assessments such as acquisition tax and property tax.
The disclosure applies to officetels and non-residential buildings registered in the local tax ledger as of January 1. If there are changes in individual matters such as usage change or if the individual publicly announced land price is released this year, the relevant value may change.
If building owners or interested parties find that the standard market value needs to be changed due to excessive increase compared to last year or transaction prices, fairness with similar nearby buildings, or changes in factual circumstances, they may submit specific reasons and supporting documents.
Based on the submitted opinions, the city will thoroughly review the appropriateness and validity of the standard market value and plans to make the final announcement on June 1.
The standard market value of buildings can be checked through the local tax information system (Wetax).
Opinions can be submitted in person at the Naju City Tax Department, or via fax, mail, etc., until the 28th.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
