Youngtong District Conducts Land Characteristics Survey Through the 29th

[Suwon Ilbo = Reporter Seo Dong-young] The Youngtong District of Suwon City will conduct a land characteristics survey through the 29th to calculate, determine, and announce individual public notice land prices based on January 1 of this year.

The survey target land for individual public notice land prices comprises approximately 12,500 parcels. The district plans to organize a land price survey team to verify various permits and licenses such as construction and development permits, as well as changes to urban planning, and conduct land characteristics surveys through on-site inspections.

Individual public notice land prices are calculated by comparing the characteristics of individual parcels based on standard land public notice prices to be determined and announced by the Minister of Land, Infrastructure and Transport as of February 1. After verification by certified appraisers, the prices will undergo procedures including collection of opinions from landowners and deliberation by the Real Estate Prices Public Notice Committee, with final determination and announcement set for May 31.

The determined and announced individual public notice land prices will be used as the tax base data for land-related national taxes such as capital gains tax and local taxes such as property tax, as well as the calculation standard for development contributions and government and public property usage fees.

For more information, please contact the District's Civil Affairs and Land Management Division (031-228-8560).