Paju City in Gyeonggi Province announced on January 16 that the officially assessed land value for standard lots, which serves as the basis for calculating individual land prices this year, has increased by an average of 2.07%.
This figure is somewhat lower than the national average increase of 3.35% and the Gyeonggi Province average of 2.67%, and is similar to last year's rate of increase.
To improve the accuracy and fairness of the officially assessed land value for standard lots, the Ministry of Land, Infrastructure and Transport replaced 45 parcels, which had confirmed changes in land characteristics, with new standard lots, and selected the same 4,070 parcels as last year as standard lots.
After collecting opinions from landowners, the officially assessed land value for standard lots will be finalized and announced on January 23 following a review by the Central Real Estate Price Disclosure Committee of the Ministry of Land, Infrastructure and Transport. The announced prices can be viewed on the Real Estate Price Disclosure website.
The officially assessed land value for standard lots is used as the reference price for land appraisals and the calculation of individual officially assessed land values.
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