Yangju City Opens 2017 Individual Housing Price Review and Objection Period

Yangju City announced that it will operate a review and objection filing period for individual housing prices and multi-unit residential housing prices as of January 1, 2017.

Individual housing prices are calculated based on January 1 of this year and include land and buildings. They serve as tax assessment data for national taxes such as comprehensive real estate tax and capital gains tax, as well as local taxes including property tax and acquisition tax.

Housing owners or interested parties can review the prices through the Yangju City homepage (www.yangju.go.kr) and the Tax Affairs Division. For those wishing to file objections to housing prices, objection applications stating an appropriate price can be submitted from April 28 to May 29 (by visit, mail, or fax) or filed directly through the One-Stop Real Estate Integrated Civil Service (http://kras.gg.kr).

The city plans to reinvestigate submitted housing records regarding the selection of comparison standard housing and the appropriateness of price calculations, and will determine prices through verification by the Korea Appraisal Board and deliberation by the Yangju City Real Estate Price Disclosure Committee, with results to be individually notified to objection filers in early July.

Additionally, multi-unit residential housing prices announced by the Ministry of Land, Infrastructure and Transport are available for review and opinion submission through the Real Estate Public Notice Price Information System (www.realtypr.kr) and the Tax Affairs Division. Multi-unit housing price opinion applications received by the Tax Affairs Division will be forwarded to the Korea Appraisal Board (Gyeonggi Branch).

A city official stated, "Since housing prices will be used as the basis for assessing future property taxes and comprehensive real estate taxes, we urge many citizens to take interest and participate in the price review and objection filing procedures."

For further inquiries, contact the Tax Affairs Division's Local Income Tax Team (031-8082-5531, 5534) or the Ministry of Land, Infrastructure and Transport Call Center (1644-2828).