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The announced land price, which is an indicator of various tax impositions, has risen significantly. The fact that the overheating of the real estate market has affected the land market is the cause of the increase in publicly announced land prices.
According to the ‘2021 Standard Land Announced Land Price (Proposed) from the 24th,’ released by the Ministry of Land, Infrastructure and Transport on the 23rd, it was found that next year’s standard land publicly announced land price (draft) in Daegu will rise 10.92%. This is higher than the increase of 8.55% last year and 6.80% this year, and is higher than the national average increase of 10.37% next year.
By city and province, publicly announced land prices increased in the order of Sejong (12.38%), Seoul (11.41%), Gwangju (11.39%), Busan (11.08%), and Daegu (10.92%).
According to the Ministry of Land, Infrastructure and Transport, the rate of actualization of the publicly announced land price (proposal) for national standard land next year is 68.4%, which is expected to increase by 2.9 percentage points from this year (65.5%). This is similar to the 68.6% target according to the government’s realization plan.
Gyeongbuk’s official land price for standard land for next year also rose 8.45%, showing a higher increase compared to this year (4.84%) and last year (6.84%).
The Ministry of Land, Infrastructure and Transport said, “The property tax rate for land is 0.07% for farmland (separate taxation), 0.2% for factory land (separate taxation), and 0.2~0.4% for market land (separate summation). It is expected that the property tax amount will not change significantly,” but he did not disclose details on the amount of tax for residential land with high tax rates.
The announced land price (proposal) announced on this day can be viewed from the 24th to January 12th of next year at the official realty price alert site (www.realtyprice.kr) or the civil petition office of the city/gun/gu office where the standard land is located. If there is an opinion, the opinion may be submitted on-line at the official real estate public price notice site by January 12 next year, or in writing to the appraisal agency in charge of the standard site or to the Civil Affairs Office of Si/Gun/Gu.
The publicly announced land price (draft) of standard land is scheduled to be decided and disclosed on February 1 of next year after hearing the opinions of the owners and local governments and deliberation by the Central Real Estate Price Disclosure Committee.
Reporter Lim Hoon [email protected]
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