The purpose of this research is to suggest policy directions to reduce a huge gap between officially announced standard land price and market value. For this purpose, after reviewing the related literature on foreign cases, questionnaire survey was co...
The purpose of this research is to suggest policy directions to reduce a huge gap between officially announced standard land price and market value. For this purpose, after reviewing the related literature on foreign cases, questionnaire survey was conducted to find out the factors affecting the readjustment of officially announced standard land price to the market value. Based on the data collected from the 110 certified appraisers, the research found that the main reasons for the difficulty in readjustment of officially announced standard land price were potential increase in tax burden and health insurance fee as well as the low level of initial land price announced by the government.
Major policy implications of this research are as follows:
First, the process of readjustment of officially announced standard land price to market value should be done at the same time. Second, the number of standard parcels of land need to be expanded to reflect more reasonable and acceptable value of land in the market. Third, it is imperative to revise the current legislation related to readjustment of officially announced standard land price.