The standard market price of officetels is expected to fall by 4.78% and commercial buildings by 0.96% next year.
The National Tax Service announced on the 17th that it will disclose the standard price plan for 2024 to receive opinions from owners and interested parties before announcing the standard price.
The subjects of the notification are officetels nationwide and separately owned commercial buildings of 3,000 m2 or more than 100 units located in the metropolitan area, five major metropolitan cities, and Sejong Special Self-Governing City. The price was assessed as of September 1 of this year.
According to the 2024 standard market price released by the National Tax Service, officetel prices fell 4.78% from this year. This is the first time that the standard market price of officetels has fallen since the notification began in 2005.
By region, Daegu (-7.90%) had the largest decline, followed by Gyeonggi (-7.27%) and Gwangju (-5.58%). The Seoul area was expected to drop by 2.67%.
The standard market price of commercial buildings is also expected to drop by 0.96%. This is the first downward turn in 9 years since 2015.
Sejong had the largest drop of 3.27%, followed by Ulsan (-3.19%) and Daegu (-2.25%). Seoul was expected to decline by 0.47% and Gyeonggi was expected to decline by 1.05%.
The target of this notification is a total of 2.29 million units, including 1.22 million officetel units and 1.07 million commercial units, which is a 5.9% increase from the previous year.
Owners or interested parties can view the standard market price on the National Tax Service website or Hometax and submit their opinions by the 8th of next month.
Submission of opinions can be done online through the ‘View prices and submit opinions before standard price announcement’ inquiry screen on Hometax, or you can download the ‘Opinion submission form’ form and submit it to the relevant tax office. We also operate an information phone line (☎1644-2828) to help you view prices and submit opinions.
After reviewing the standard market price that reflects the accepted opinions, the National Tax Service will confirm and announce the final standard market price on the 29th of next month.
The standard market price is used when the market price is unknown when assessing inheritance/gift tax and capital gains tax. It is not used to levy local taxes such as acquisition tax and property tax, and social insurance premiums such as comprehensive real estate tax and health insurance premiums.
2023-11-17 06:02:44
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