Next year's standard market values for officetels and commercial properties have decreased nationwide, with only Seoul seeing an increase. In Daegu and Jeju, the standard market values for officetels recorded a decline of over 5%.
The National Tax Service announced on November 12 that it will release the '2027 Standard Market Values for Officetels and Commercial Properties' from November 13 to December 2, inviting feedback from owners and stakeholders.
According to the standard market values, the nationwide standard market value for officetels has decreased by 0.47% compared to the previous year, while commercial properties have dropped by 0.81%. In contrast, Seoul saw increases of 2.07% for officetels and 0.28% for commercial properties, making it the only area among those subject to the announcement where both types experienced growth.
Daegu recorded the largest decline in officetel values at 5.28%, followed by Jeju (-5.19%), Gangwon (-4.44%), Gwangju in Jeollanam-do (-3.93%), and Sejong (-3.67%). In the metropolitan area, Incheon saw a decrease of 3.03%, while Gyeonggi Province dropped by 1.39%.
For commercial properties, Sejong experienced the largest decline at 3.29%. Other areas that saw decreases include Daegu (-2.46%), Incheon (-1.91%), Gwangju in Jeollanam-do (-1.63%), and Gyeonggi Province (-1.56%).
This announcement covers approximately 2.56 million units, including 1,367,246 officetels and 1,191,234 commercial properties, representing a 2.7% increase from the previous year. The metropolitan area, including Seoul, Gyeonggi, and Incheon, accounts for about 76% of the total, with approximately 1.95 million units. The reference date for the survey is September 1 of this year.
The standard market value is calculated by combining the value of land and buildings to determine the price per square meter for each unit. It is used in cases where the market value of inherited or gifted properties is unknown or when it is difficult to verify the actual transaction price for calculating capital gains tax. However, it does not apply to local taxes such as acquisition tax and property tax, nor to social insurance premiums like comprehensive real estate tax and health insurance premiums.
Owners and stakeholders can access the standard market values by visiting the National Tax Service website or the Home Tax portal and entering the building's location and unit number. Feedback can be submitted online through the inquiry screen or by completing a feedback form and submitting it in person or by mail to the relevant tax office.
The submitted feedback will be re-evaluated by the Korea Real Estate Agency to determine whether it will be accepted. The National Tax Service plans to reflect accepted feedback and finalize the standard market values after review by the evaluation committee, with the final announcement scheduled for December 31. Notifications regarding the acceptance of feedback will also be sent by that date.
* This article has been translated by AI.
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