Major Business
- 홈
- Major Business
- Public Announcement of Real Estate Values
- General Management of Publicly Announced Land Prices
General Management of Publicly Announced Land Prices
Designation as an Entrusted Agency
- REB was designated by The Minister of Land, Infrastructure and Transport as an agency to perform incidental business necessary for surveying and appraising the public announced price of representative land, pursuant to Article 28 of the Act on the Public Announcement of Real Estate Values (enforced on September 1, 2016)
* In August 2012, the executing agency was changed from the Korea Association of Property Appraisers to Korea Real Estate Board.
Overview of Work
REB conducts surveys and appraisals and performs subsidiary works related to the officially notified reference land prices as prescribed in the Act on the Public Announcement of Real Estate Values, in order to appraise and officially notify adequate prices of land as of January 1 of each year.
Contents of Work
- A. Improving systems in relation to officially notified reference land prices
- REB supports the revision of the methods of survey, appraisal, and subsidiary work for officially notified reference land prices, such as the reference land selection method, the property survey method, and the price determination method, etc.
- REB supports the revision of legislations and guidelines in relation to the official notification of real estate prices.
- B. Preparation of officially notified reference land price data
- Survey/appraisal stickers of officially notified reference land prices.
- Methods of survey & appraisal of officially notified reference land prices.
- Reference data for works related to officially notified reference land prices.
- Statute book, precedents, and Q&A, etc. related to the official notification of real estate prices.
- C. Subsidiary work for survey and appraisal of officially notified reference land prices
- Recommends survey and appraisal personnel for officially notified reference land prices.
- Supporting discussions on price balancing.
- Supporting the selection & examination of officially notified reference land prices.
- Supporting the preparation, printing, and sending of written opinions of standard land owners.
- Supporting the reception and checking of objections to officially notified land prices.
- Provides training on officially notified reference land prices and individual officially notified land prices linked therewith.
- Storage and maintenance, etc. of officially notified reference land prices.
- Supporting petitions of standard land and administrative proceedings (administrative trials and proceedings, etc.).
Procedure for Public Announcement
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- 1. Request for survey/appraisal
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- Consignment to appraisal corporations selected according to the guidelines.
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- 2. Discussion on balance
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Secure balance among areas
- Discussion on the price balance in 6 steps: among surveyors; among si/gun/gu; among si/gun/gu boundaries; between si/do; the whole country; and etween representative land and reference housing
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- 3. Examination for selection
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- Review of the adequacy of representative land selection through field surveys and local analysis.
- Pre-examination of adequacy of (drafted) prices.
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- 4. Prior check of survey and appraisal reports
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Computer checks
- Computer errors
- Examination of price calculation basis
Examination by external audit team
- Accuracy, etc. of market prices
Preliminary review by local governments
- Enhance the accuracy and price adequacy
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- 5. Hearing opinions on representative land prices
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- The opinions of the owners and the heads of si/gun/gu are heard in advance in relation to the expected representative land prices.
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- 6. Re-examination of representative land selection and check of survey and appraisal reports
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Securing the accuracy of prices
- Examination of the adequacy of the basis for calculating prices
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- 7. Public Announcement of price determination (Publication in official gazette)
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- Review by the Central Commission on the Public Announcement of Real Estate Values.
- Public announcement of price determination and publication thereof in the official gazette.
Remedies
- Once the expected officially notified prices of standard lands have been determined, the owners are notified thereof; and, if the opinions of the owners are adequate, the expected officially notified prices are adjusted and the rights of land owners are protected in advance.
- Any person who objects to the officially notified reference land prices may submit an objection (written or via the Internet) to the Minister of Land, Infrastructure and Transport within 30 days of the official notification of reference land prices.
The Minister of Land, Infrastructure and Transport reviews the contents of objections and notifies the applicants of the result within 30 days of the elapse of the objection application period.