Osan City to Open Public Disclosure of Individual Land Assessment Values from the 14th

[Suwon Ilbo=Correspondent Seo Dong-young] Osan City will open public disclosure of individual land assessment values and accept public opinions regarding 39,292 individual land parcels based on January 1, 2020, through the City's Land Information Division and each district's Administrative Welfare Center from the 14th through the 4th of next month.

Land owners and related parties may review the price for each land parcel by cadastral number, and if they have any opinions, they can submit an individual land assessment value opinion form with an appropriate opinion price to the City Hall's Land Information Division or each district's Administrative Welfare Center.

The city will reconfirm the characteristics of the land for submitted opinions and reinvestigate whether the standard land prices are balanced. Subsequently, following verification by licensed real estate appraisers and deliberation by the Real Estate Price Public Notice Committee, the results will be communicated to the citizens.

Individual land assessment values are used as tax assessment data for local taxes such as property tax, acquisition tax, and registration and license tax, as well as national taxes including capital gains tax, gift tax, inheritance tax, and comprehensive real estate tax. They are also utilized in calculating development impact fees and rates for use of state and public property.

For more details, contact the City's Land Information Division (031-8036-7302).