Suwon City Announces Individual Real Estate Price Publication and Objection Filing Period

[Suwon Ilbo=Reporter Seo Dong-young] Suwon City announced on the 29th that it has determined and published individual real estate prices calculated as of July 1 this year and will operate an objection filing period.

From the 30th of this month through the 30th of next month, individual real estate prices can be viewed on the Suwon City website (www.suwon.go.kr), the Real Estate Price Bulletin website (http://www.realtyprice.kr), or at the Comprehensive Civil Service Counter and Land Management Team of each district office having jurisdiction over the land location.

Objection applications can also be filed during the same period as the viewing period. Land owners and other interested parties (persons affected by rights or interests) can file applications.

Objection applications can be submitted by mail or in-person to the Land Management Team of the district office where the land is located, or submitted online through the Government24 website (http://www.gov.kr).

Meanwhile, this individual real estate price is calculated by applying the 'standard land public announcement price' and 'land price comparison table' to 1,033 survey parcels out of 1,580 parcels that underwent 'land movement' such as division or consolidation from January 1 to June 30. The price is determined using the Real Estate Comprehensive Public Register System (KRAS) to maintain balance with nearby land and standard land values.

For lands for which objections have been raised, a re-investigation will be conducted through procedures including 'comparative standard land selection' and 'land characteristic reconfirmation' to verify whether the price maintains balance with nearby land values.

Following deliberation by the Real Estate Price Publication Committee, the processing results will be notified to objection applicants. The determined individual real estate prices will be used as the assessment basis for various charges including national and local taxes related to land and development contributions.

For inquiries: Jangan-gu (031-228-5478), Gwonseon-gu (031-228-6553), Paldal-gu (031-228-7479), Yeongtong-gu (031-228-8560).