(1) The assessed value under Article 100 or 114 (7) shall be as follows: <Amended by Act No. 11845, May 28, 2013; Act No. 12852, Dec. 23, 2014; Act No. 13796, Jan. 19, 2016; Act No. 14389, Dec. 20, 2016; Act No. 15225, Dec. 19, 2017; Dec. 31, 2019; Dec. 29, 2020>
1. Land or buildings under Article 94 (1) 1:(a) Land: The individual land price officially announced under the Act on the Public Announcement of Real Estate Values (hereinafter referred to as "officially announced individual land price"): Provided, That the value of land which has no officially announced individual land price shall be appraised by the head of the tax office having jurisdiction over the place for tax payment, according to the method prescribed by Presidential Decree, taking into account the officially announced individual land price of a similar parcel of land in the vicinity; but in cases of any of the areas specified by Presidential Decree as an area where the price of land rises sharply, the value of land shall be appraised by the multiple method;(b) Buildings: The value calculated and publicly announced at least once each year by the Commissioner of the National Tax Service in consideration of the new construction price, structure, use, location, the year of new construction, etc. of buildings (excluding buildings falling under items (c) and (d));(c) Officetels and commercial buildings: The value of land and buildings computed and announced officially en bloc at least once per year by the Commissioner of the National Tax Service, taking into account the type, size, transaction status, location, etc. of buildings, with regard to officetels (including land appurtenant thereto) and commercial buildings (including land appurtenant thereto) specified by Presidential Decree in consideration of the use, area, number, etc. of partitioned units of a building, where a building is subdivided into units for separate ownership and the ownership of the land appurtenant to the building is held in common;(d) Residential houses: Prices for individual houses and multi-unit houses under the Act on the Public Announcement of Real Estate Values: Provided, That, in cases of multi-unit house prices, where multi-unit house prices are determined and officially announced by the Commissioner of the National Tax Service pursuant to the proviso to Article 18 (1) of the same Act, such prices shall apply, and the price of a house with no individual house price or multi-unit house price shall be appraised by the head of the tax office having jurisdiction over the place for tax payment by the method prescribed by Presidential Decree, taking into account the individual house price and multi-unit house price of similar houses in the vicinity;
2. Real property rights under Article 94 (1) 2:(a) Rights to acquire real estate: The value appraised by the method prescribed by Presidential Decree, taking into consideration the kind, scale, transaction situation, etc. of the transferred asset;(b) Superficies, right to lease on a deposit basis, and registered leasehold interest on real property: The value appraised by the method prescribed by Presidential Decree, taking into consideration the remaining term, nature, details, transaction situation, etc. of the rights;
3. Deleted; <Dec. 29, 2020>
4. Deleted; <Dec. 29, 2020>
5. Deleted; <Dec. 29, 2020>
6. Other assets under Article 94 (1) 4: The value appraised by the method prescribed by Presidential Decree, taking into consideration the kind, scale, transaction situation, etc. of the transferred assets;
7. Deleted; <Dec. 29, 2020>
8. Trust beneficiary interests under Article 94 (1) 6: The value appraised by applying Article 65 (1) of the Inheritance Tax and Gift Tax Actmutatis mutandis. In such cases, the appraisal period and amount shall be prescribed by Presidential Decree.
(2) "Multiple method" in the proviso to paragraph (1) 1 (a) means a method for appraisal according to the amount calculated by multiplying the officially announced individual land price as at the time of transfer or acquisition, by multiples prescribed by Presidential Decree.
(3) Matters necessary for calculating the following assessed values shall be prescribed by Presidential Decree, taking into account factors such as the type of building, transaction situation, and whether the assessed value is publicly notified: <Amended by Act No. 13796, Jan. 19, 2016; Dec. 31, 2019>
1. Where the assessed value as at the time of transfer and the assessed value as at the time of acquisition calculated pursuant to paragraph (1) are the same, the assessed value as at the time of acquisition;
2. The assessed value as at the time of acquisition of land and a house acquired before the officially announced individual land prices, individual house prices, or multi-unit house prices are publicly notified or announced pursuant to the Act on the Public Announcement of Real Estate Values;
3. The assessed value as at the time of acquisition of a building acquired before the assessed value under paragraph (1) 1 (b) is publicly notified;
4. The assessed value as at the time of acquisition of an officetel (including land appurtenant thereto), commercial building (including land appurtenant thereto), or multi-unit house acquired prior to the public publication of the assessed value under paragraph (1) 1 (c) or the proviso of paragraph (1) 1 (d).
(4) When the Commissioner of the National Tax Service has computed the assessed value under paragraph (1) 1 (c), he/she shall, before he/she officially makes an announcement thereof, publicly notify them according to the methods prescribed by Ordinance of the Ministry of Strategy and Finance, such as a notice through the Internet, etc. and hear opinions from the owners or other interested persons for at least 20 days.
(5) When the Commissioner of the National Tax Service collects an opinion from the owners or other interested persons pursuant to paragraph (4), he/she shall notify the result of his/her disposition within 30 days from the date the period for advancing opinions expires.
(6) A public notification under paragraph (4) shall include the matters prescribed by Presidential Decree, such as the place for perusal of books including the assessed values, the period for advancing opinions, etc.[This Article Wholly Amended by Act No. 9897, Dec. 31, 2009][Enforcement Date: Jan. 1, 2025] Article 99 (1) 3, 4, 5, and 7