Gyeongnam’s officially announced land prices rose the most in 15 years.
On the 23rd, the Ministry of Land, Infrastructure and Transport announced the announced land price (draft) of 520,000 parcels of national standard land as of January 1, 2021. The official land price of Gyeongnam’s standard land for next year was 7.67% higher than this year. This is the largest increase in 15 years since 2006 (11.31%).
Nationally, it was also found that the increase in the number of publicly announced standard lands was large.
The rate of increase in the publicly announced land price (draft) of standard land in 2021 was found to be 10.37% nationwide. By city and province, Sejong 12.38%, Seoul 11.41%, Gwangju 11.39%, Busan 11.08%, and Daegu 10.92%. By usage situation, there was a large increase in residential 11.08%, commercial 10.14%, agricultural land 9.24%, forestry 8.46%, and industrial use 7.56%.
Looking at the standard land by publicly announced land price in the province, 41481 parcels accounted for 67.1% of the total, with less than 100,000 won. On the other hand, it was found that the land of 20 million won or more was 2 lots.
This increase in the publicly announced land price of standard land is interpreted as the effect of the government’s plan to realize the publicly disclosed real estate price. Next year’s standard land price (proposal) realization rate is expected to be 68.4%, up 2.9%p from this year’s (65.5%), similar to the target 68.6% according to the actualization plan.
The burden of holding tax is also expected to increase, centering on where the publicly announced land price, which is a tax indicator, has risen a lot.
However, the Ministry of Land, Infrastructure and Transport said that the property tax rate on land is lower than that of housing, and that the change in property tax amount due to changes in the publicly announced land price is not significant.
According to data from the Ministry of Land, Infrastructure and Transport, a factory in Tongyeong city (155㎡) announced a land price of 62 million won this year, and its property tax was 170,000 won. Applying the next year’s proposal, the publicly announced land price is 66.65 million won and property tax is 180,000 won, an increase of 10,000 won from this year.
Reporter Jo Kyu-hong [email protected]