Based upon land valuation theory, this paper indicates the practical problems of traditional land valuation methods and theoretically proposes new appraising method called the Dual Valuation Model (DVM).
Building site, made up of land and improvements, has two different characters land-market and building stock-market in market aspect, vacant-land-value and contributory-value in terms of value aspect, and new-development-scale and present-scale in land development status.
The problems of the existing methodologies have no consideration for the dual aspects of land with improvements and cannot explain the value change process by Floor Area Ratio (FAR). At conclusion, this study emphasizes that the DVM, in the association with dynamic FAR, would produce more accurate outcomes than existing methodologies.
This paper examined the determinants of retail property rent.
To make out variables that affect retail property rent, this paper reviewed the literatures on the determinants of retail property. And then proposed appropriate variables to the Two Stage Least Squares model to analysis what determines the rent of retail properties.
In this paper, authors made empirical analysis for the determinants of retail properties rent in Seoul, Korea. Variables such as an age, building size, building structure, road condition, building location(CBD, Gangnam), population density, the number of whole sale and retail were significant in retail model. But vacancy rate was not significant in our model. This shows that the relation between rent and vacancy rate is not obvious in cross section analysis.
In Korea, Real Estate Market is opening and advancing. So, the investment of foreign real estate companies is increasing, Reits and Real Estate Fund are introduced. The main investment object of Real Estate Fund & Reits and foreign real estate companies is office building. Financial goods connection to real estate index is made.
Therefore, the purpose of this study is that using the office index in Korea Appraisal Board composed regional and size portfolios. And the investment returns and values of an office building is accounted.
As result, the office building portfolio using office index is possible. Because the office index in Korea Appraisal Board is indicated that an office building has the difference of a size and a region. Regional portfolio's result is that Kangnam & Mapo- Yeauido is best portfolio. Size portfolio's result is that over 10,000 pyung & under 15,000 pyung portfolio and over 15,000 pyung portfolio are best portfolios.
The implementing body of public projects has to either pay directly the compensation for expropriated land, determined by the Land Expropriation Commission to the land owner, or officially deposit commensurate amount as guarantee in court, thus enabling maximum effectiveness of the land expropriation.
If failed to pay the said compensation amount in due course, it is preferably stipulated to deposit the commensurate amount in court, to ensure avoidance of delaying smooth Implementation.
Law on Land Acquisition and Compensation for Public Project merely describes the outline of payment or deposit in court, but fails to suffice deep-rooted detailed contents. In the long run, it often bring about a huge barrier to the successful implementation of public projects, due to disputed deposit through such as miscalculated amount of compensation and the conditional and controversial submission of documents including certification of Seal Impression, etc.
The expropriated body consequently used to acknowledge the receipt of a compensation, since they misunderstood that the compensation once petitioned to court or appealed to administrative judgement would definitely escape from further legal dispute.
In view of these, it is requested to review once for all the pending payment of compensation amount and official deposit in court, through focussing on the prevalent court judgement practices and other precedents concerning court deposit announced by the Office of Court Administration, so as to eliminate such wrong-doings and mistakes.
This paper make an analysis of the property tax burden according to the adjustment of tax base to market value. Adjustment of tax base to market value depends on the adjustment of official real property price to market value and the application ratio to the tax base. Because data for the adjustment of official real property price to market value is not availabe, this paper use only the application ratio to the tax base.
According to the results of this analysis, property tax burden is increased about 3.1 times and effective property tax rate is doubled to the 2017 year. Therefore, the suggesting result is that the phenomenal rise in the property tax burden is not into reality.