Yangju City to Accept Applications for 'Residential Property Valuation Review and Opinions' from June 11

Yangju City will accept applications for residential property valuation review and opinion submissions from property owners and stakeholders regarding individual and multi-unit residential property prices based on June 1, 2017, from June 11 to 31.

The residential properties subject to review this period include 172 individual houses and 16 multi-unit housing complexes with 3,320 units that underwent land division, consolidation, or new construction between January 1 and May 31, 2017, with valuations calculated following verification by the Korea Appraisal Board.

Property owners can review individual and multi-unit residential property valuations (draft) through Yangju City's homepage (www.yangj.go.kr) or by visiting the Tax Administration Division at Yangju City Hall. If property owners have opinions regarding the valuations, they can submit opinion documents with appropriate price estimates.

Additionally, for multi-unit housing, review and internet-based opinion submissions are available through the Ministry of Land, Infrastructure and Transport's Real Estate Public Posting Price Notice System (www.realtyprice.kr/notice/), and written submissions are also accepted at the Tax Administration Division. Opinion documents for multi-unit housing prices received at the division will be forwarded to the Korea Appraisal Board.

For individual properties with submitted opinions, the city plans to conduct reinvestigation regarding balance with nearby properties, appropriateness of comparative standard property selection and price calculation, undergo verification by the Korea Appraisal Board, and announce residential property prices on September 29. Results will be notified to those who submitted opinions.

A city official stated, "Since residential property prices are used as the basis for various tax assessments, we encourage many citizens to show interest and participate in the review and opinion submission procedures."

For further inquiries, contact the Local Income Tax Team at the Tax Administration Division of Yangju City (☎031-8082-5531, 5534).