Seoul City to Conduct Survey on Balance of Officially Assessed Land Values

Survey on Regional and Land Use Balance to Address Disparities

The Seoul Metropolitan Government announced on January 6 that it will conduct a survey this year to assess the balance of officially assessed land values by region and land use. The purpose is to review price levels according to region or use and provide reference materials.

Yonhap News Agency

The results of the survey and analysis will be provided to district officials and appraisers in charge, so they can be used as reference materials during the process of investigating and determining officially assessed land values.

Last year, through a project commissioned to a specialized institution, the city analyzed market value estimates using an Automated Valuation Model (AVM). This allowed for a more objective assessment of the price levels and balance of officially assessed land values at the legal district and national basic district levels across the 25 districts of Seoul.

The city has also independently developed a 'Public Price Verification Support System' to manage the results of balance analysis of officially assessed land values, including: △pre-analysis (land characteristics, rate of change, etc.), △market analysis (balance of prices by region and use), and △status of civil complaints (submission of opinions, objections).

This system supports officials in charge of assessment work by enabling them to comprehensively review officially assessed land values based on data, using GIS (Geographic Information System)-based analysis functions.

GIS (Geographic Information System) is an analytical tool that visualizes data on a map, allowing for easy comparison and analysis of price levels and balance with adjacent parcels at a glance.

The city plans to continue conducting field surveys and supporting the assessment and determination process, while gradually strengthening its own verification capabilities in preparation for the future introduction of the 'Metropolitan and Provincial Official Price Verification Support Center.'

Previously, in October of last year, the Ministry of Land, Infrastructure and Transport signed a 'Business Agreement for the Promotion of Official Price Verification Support Centers' with nine metropolitan and provincial governments nationwide to improve the real estate official price system. The aim is to enhance the reliability and accuracy of official prices through the participation of local governments.

An Daehee, Director General of Urban Space Policy at the Seoul Metropolitan Government, stated, "Officially assessed land values are closely tied to citizens' lives, including property taxes and basic livelihood security. The Seoul Metropolitan Government will continue its efforts to enhance the balance and reliability of officially assessed land values, which serve as public reference prices."