Yeongtong-gu Conducts Land Characteristics Survey

Yeongtong-gu District in Suwon announced that it will conduct a land characteristics survey by August 3rd for lands that have undergone land transfers due to reasons such as subdivision, merger, and change of land category during the period from January 1st to June 30th of this year.

The land characteristics survey is conducted to calculate individual public notice land prices as of July 1st. A total of 110 survey target parcels—comprising 103 privately-owned parcels and 7 public or state-owned parcels—will undergo on-site verification based on related materials including various permits and approvals such as construction and development permits, and changes to urban management plans.

Upon completion of the land characteristics survey, the first-half land price change rate based on standard land public notice prices will be applied, and land prices will be calculated by comparing the characteristics of individual parcels with those of comparison standard lands.

Following verification by certified appraisers and procedures including collection of opinions from landowners and deliberation by Suwon's Real Estate Appraisal Committee, the prices will be finalized and publicly announced by October 31st.

Meanwhile, the finalized individual public notice land prices will be utilized as taxation data for national and local taxes, as well as serve as the calculation standard for development impact fees and rental rates for public and state-owned properties.