Gyeonggi Province Wins Grand Prize at Local Tax Development Forum

[Suwon Ilbo = Reporter Park No-hun] Gyeonggi Province announced on the 5th that it won the grand prize at the '2019 Local Tax Development Forum' provincial and municipal research project presentation competition held for two nights and three days from November 30 to December 1 at the Western Life Hotel in Iksan, North Jeolla Province.

The province made a presentation on the theme of 'Research on Improving Housing Price Methods for Fair Assessment (Focused on Single-Family Homes)' at this presentation competition in which 17 metropolitan local governments nationwide participated, receiving the highest scores in both 'written evaluation'—assessed by criteria including ▲creativity ▲practicality ▲effectiveness and ▲logical consistency—and 'presentation evaluation'—which reflected ▲content delivery ▲discussion responsiveness and ▲audience interest—thereby receiving the honor of winning the 'grand prize' (Prime Minister's Award).
At this presentation, the province identified problems with the current public announcement price system, such as the failure to properly reflect actual transaction prices when calculating standard housing prices, and presented two alternatives as solutions: ▲establishing taxable standards suited to policy objectives by developing detailed and diverse indicators under local tax law, and ▲calculating fair public announcement prices by delegating the authority to investigate and calculate standard housing to local governments. These received high praise.
The province explained that the alternatives presented this time were developed in accordance with Governor Lee Jae-myung's instruction in July to 'review improvement measures for the current public announcement price system, which fails to properly reflect market prices and thereby becomes a source of unfair taxation.'

Through this presentation, given that the alternatives for improving the public announcement price system have received strong support from tax officials nationwide, the province plans to continue efforts to publicize the issue.
Additionally, to establish a foundation for fair assessment and restore residents' confidence in public announcement prices, the province will conduct 'research and consulting for non-residential real estate price surveys' and, based on the results, will continue consultations with the Ministry of Land, Infrastructure and Transport and the Ministry of Interior and Safety, among other efforts to improve the system.
Kim Ki-se, head of the Autonomous Administration Bureau, said, "Analyzing the problems of public announcement prices, which are currently highly controversial, from the perspective of local governments and presenting improvement measures garnered significant support from tax experts nationwide," and added, "We will make continuous efforts going forward so that this can lead to substantive system improvements."