Local Tax Research Institute "contributes to KRW 5 trillion in revenue through base price survey"

The Korea Institute of Local Taxation said it has contributed to collecting a total of 5 trillion won in revenue, including property taxes, by investigating and calculating the standard market price for buildings, officetels, and vehicles this year.

The researcher surveyed and calculated a total of 152,000 base prices, including buildings, officetels, and vehicles, and 243 local governments across the country levied property taxes, acquisition taxes, and local resource facility taxes based on them.

In addition, this year, the government calculated the standard market price of 4,000 publicly announced apartment houses for free, helping basic local governments across the country to tax property taxes, saving 500 million won in budget.

Kang Sung-jo, head of the Korea Institute for Local Taxation, said, "As the importance of tax standards grows every year in local tax imposition and collection, we will do our best to help local governments collect revenues nationwide by thoroughly conducting a market price standard survey project so that each local government can impose property taxes next year."