Article 164 (Calculation of Standard Values of Land and Buildings)

The phrase "amount appraised according to the method prescribed by Presidential Decree" in the proviso to Article 99 (1) 1 (a) of the Act refers to the value appraised by the head of the tax office having jurisdiction over the place of tax payment (or the head of the tax office having jurisdiction over the location of the land if the heads of the tax offices having jurisdiction over the place of tax payment and the location of the land are different, and upon the request of the head of the tax office having jurisdiction over the place of tax payment) according to the comparison table under Article 3 (8) of the 「Act on Registration of Real Estate Prices and Appraisal of Real Estate」, for land for which there is no individual public price, by considering neighboring land with similar land price forming factors such as land category, utilization status, etc., as standard land. In this case, the head of the tax office having jurisdiction over the place of tax payment may use the value appraised by the mayor or county governor according to the proviso to Article 4 (1) of the 「Local Tax Act」 as the appraised value, or may appraise by considering the appraised value of an appraisal corporation, etc. for the land, by commissioning two or more appraisal corporations, etc. <Amended on Dec. 31, 1997, Dec. 31, 1998, Dec. 31, 2001, Feb. 19, 2005, Feb. 9, 2006, Dec. 14, 2009, Feb. 18, 2010, Sep. 20, 2010, Jun. 1, 2015, Aug. 31, 2016, Feb. 13, 2018, Oct. 8, 2020, Jan. 21, 2022> 1. Land newly registered under the 「Act on the Establishment and Management of Spatial Information, etc.」 2. Land divided or merged under the 「Act on the Establishment and Management of Spatial Information, etc.」 3. Land whose land category has been changed under the 「Act on the Establishment and Management of Spatial Information, etc.」 due to alteration of its physical characteristics or change of its use 4. Land for which the determination and public notification of individual public price have been omitted (including national or public land)

When applying the provisions of Article 99 (1) 1 (a) through (d) of the Act, if acquired or transferred before the new standard value is publicly notified, the previous standard value shall be used. <Amended on Dec. 31, 1999, Feb. 3, 2015>

For buildings acquired before the standard value under Article 99 (1) 1 (b) of the Act is publicly notified, the standard value at the time of acquisition shall be the value calculated by the following formula. <Amended on Dec. 31, 1999, Dec. 29, 2000, Jan. 5, 2021> Standard value first publicly notified by the Commissioner of the National Tax Service for the relevant asset × Standard rate publicly notified by the Commissioner of the National Tax Service, considering the year of acquisition, year of construction, structure, useful life, etc. of the building

For houses acquired before the individual house price and collective house price (including land attached thereto) under the 「Act on Registration of Real Estate Prices and Appraisal of Real Estate」 are publicly notified, the standard value at the time of acquisition shall be the value calculated by the following formula. In this case, if there is no value under Article 99 (1) 1 (b) of the Act at the time of the first public notification of the house price by the Minister of Land, Infrastructure and Transport for the relevant house or at the time of acquisition, the value calculated by applying Article 5 shall be used. <Newly inserted on Aug. 5, 2005, Feb. 29, 2008, Mar. 23, 2013, Aug. 31, 2016> ┌────────────────────────────────────┐ │ House price first publicly notified by the Minister of Land, Infrastructure and Transport for the relevant house × Sum of the value under Article 99 (1) 1 (a) of the Act and the value under Article 99 (1) 1 (b) of the Act at the time of acquisition / Sum of the value under Article 99 (1) 1 (a) of the Act and the value under Article 99 (1) 1 (b) of the Act at the time of the first public notification of the house price by the Minister of Land, Infrastructure and Transport for the relevant house (If the value at the time of acquisition and the value at the time of the first public notification of the house price are the same, Article 8 shall apply.) └────────────────────────────────────┘

If the value under any of the following subparagraphs is lower than the value under Article 99 (1) 1 (a) through (d) of the Act, the difference shall be deducted from the value under the same subparagraphs (a) through (d) to calculate the standard value at the time of transfer. <Amended on Dec. 31, 1999, Dec. 30, 2002, Feb. 19, 2005, Aug. 5, 2005, Feb. 4, 2009, Feb. 15, 2013> 1. The smaller amount between the compensation amount for negotiated purchase or expropriation under the 「Act on Acquisition and Compensation for Public Works Land, etc.」 and expropriation by other laws, and the standard value used as the basis for calculating the compensation amount. 2. The public sale or auction price in case of sale by public auction under the 「National Tax Collection Act」 and compulsory auction or enforcement of mortgage under the 「Civil Execution Act」.

The phrase "amount appraised according to the method prescribed by Presidential Decree" in the proviso to Article 99 (1) 1 (d) of the Act refers to the value according to the following subparagraphs. In this case, the head of the tax office having jurisdiction over the place of tax payment may use the value appraised by the mayor or county governor according to the proviso to Article 4 (1) of the 「Local Tax Act」 as the appraised value, or may appraise by considering the appraised value of an appraisal corporation, etc. for the relevant house, by commissioning two or more appraisal corporations, etc. <Newly inserted on Feb. 9, 2006, Feb. 18, 2010, Sep. 20, 2010, Aug. 31, 2016, Feb. 13, 2018, Jan. 21, 2022> 1. For detached houses without individual house price under the 「Act on Registration of Real Estate Prices and Appraisal of Real Estate」, the value appraised by the head of the tax office having jurisdiction over the place of tax payment (or the head of the tax office having jurisdiction over the location of the house if the heads of the tax offices having jurisdiction over the place of tax payment and the location of the house are different, and upon the request of the head of the tax office having jurisdiction over the place of tax payment) according to the comparison table under Article 16 (6) of the same Act, by considering neighboring houses with similar structure, use, utilization status, etc. as standard houses. 2. For collective houses without collective house price under the 「Act on Registration of Real Estate Prices and Appraisal of Real Estate」, the value appraised by the head of the tax office having jurisdiction over the place of tax payment (or the head of the tax office having jurisdiction over the location of the house if the heads of the tax offices having jurisdiction over the place of tax payment and the location of the house are different, and upon the request of the head of the tax office having jurisdiction over the place of tax payment) by comprehensively considering transaction prices and rental prices of neighboring similar collective houses, and estimated construction costs for collective houses deemed to have similar utilization value.