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2008, Vol.18, No.2

  • 1.

    A Study of Use Zones and Subdividing in Real Estate Appraisal

    kyungkyu seo | 2008, 18(2) | pp.9~26 | number of Cited : 2
    Abstract
    It is very important to determine use zones in real estate appraisal using the comparison approach. According to the zone, forces influencing the value of land are different and a neighborhood is determined. Even though current relevant laws about use zones are illogical and confusing, concrete researches haven't been sufficient till now. The purpose of this study is to find out the problems with current subdivision system for use zones and furthermore to present rational methods improving the current system. The results of the study are as follows : Firstly, terminology has to be unified. Secondly, there needs to be rationality, parsimony and objectivity in subdivision criterion of use zones. Using those criterion, zones are made up of commercial zones, residential zones, industrial zones, agricultural zones, forest zones, reserved zones and the others.
  • 2.

    A Study on the Rational Improvement of Real Property Valuation Method on the Tax Law

    Choi,Gyoung-Shick | Chung, Ji Sun | ImSoo Choi | 2008, 18(2) | pp.27~48 | number of Cited : 2
    Abstract
    As various taxes are levied on real property in process of acquisition, tenure and transfer, national property rights are tremendously affected. It is the most important thing in real property-related taxes is to accurately valuate the leviable amount on the relevant real property, differently than other taxes. In particular, property taxes, such as the acquisition tax, the registration tax, the property tax, the comprehensive real property tax, the capital gains tax, the inheritance tax and the gift tax, are fixed according to valuation methods as the relevant property is an object of taxation. Nevertheless, as the national real property tax is fixed in accordance with each tax law, taxpayers are confused as well as such stipulations are not standardized. The followings show real property valuation methods to be improved. First, real property valuation methods stipulated in each tax law should be unified in accordance with the property valuation law. Second, real property should be valuated only by National Tax Service and public officials who valuate it should be urgently professionalized. Third, real property should be valuated in accordance with market in process of acquisition and transfer, but should be valuated in accordance with earning price in process of tenure. Forth, comparative standard sites should be increased, and real property should be valuated in accordance with the total valuation covering sites and buildings or individual valuation focused on sites same as Denmark has done. Lastly, a legal system should be established so that taxpayers can administratively protest their taxations.
  • 3.

    Effectiveness & Problems about the improvement of the real estate appraisal for the compensation price of land for public use

    김성제 | Sanghee Choi | 2008, 18(2) | pp.49~61 | number of Cited : 2
    Abstract
    Because recently perception on property right is enhanced and demands of expansion of compensation for land owners in various public project enforcement and related civil appeals are constantly presented, it is required to improve the appraisal system for calculation of compensation. Public developer in particular are under mounting pressure from not only the settlement of demands of land owners on justified compensation but also the appropriate compensation of land indemnity which occupies most of Development costs. The purpose of study is to investigate the extent of justified compensation from the constant process of improvement of appraisal system in order to resolve the conflict related to calculation of land indemnity between residents and project enforcement, to analyze the changes in the transition about the characteristics of differences in assessment between enforcement and residents by project areas and years, and to identify the actual conditions and problems. Centered on the korea land corporation's project area, investigated the rate of agreement by project areas and the rate of decision, analyzed the differences of land assessment value by sites, identified the extent of affection of other factors on enhancement of land indemnity, in order to elicit implications on how to improve the appraisal system for calculation of land indemnity.
  • 4.

    A Study on Rent Determinants of Retail Property

    Lee, Jong Eun | Joo Hyun Cho | 2008, 18(2) | pp.63~102 | number of Cited : 31
    Abstract
    According to Sec. 30 of the 'Appraisal Rule', "the appraisal of the rent is based on the lease case comparison method. But in case the appraisal of the rent based on the lease case comparison method is not proper, the object can be appraised based on the cost approach or the income analysis method. The rent appraisal based on the lease case comparison method, of three methods, is established as the most proper appraisal method. But it is difficult not only difficult to capture the case of lease in practices but also to correct the situation as a diverse of agreement methods and the interests between the parties to the lease are intertwined in the case of the lease. And it is difficult to apply it as there is a little accumulation of research cases or experiences about the factors influencing the rent and the guideline for these are absent. As diverse studies have recently actively been conducted through the quantitative analysis technique, many studies have been conducted about the rent formation factors of residential or non-residential real estate. But in reality there is still insufficient discussion over retailing real estate. Therefore, this study attempted to investigate the factors and forces influencing the rent of retail real estate using the rent appraisal cases of retail real estate by dividing them into the location characteristic, the building characteristic, the individual lease unit characteristic and the market characteristics. It was found that significant variables in determining rent of retail properties, which showed some variations accoding to the region, were the time variable, the floor area ratio, the leased area, the unit price for land, the number of the road-adjoining sides, the number of the exposed sides of the individual store, distance to the subway station and the like.
  • 5.

    A measurement of Weighted Average Effective Maturity of Office Buildings in Seoul

    양승철 | 2008, 18(2) | pp.103~123 | number of Cited : 0
    Abstract
    In spite of transforming of understanding of real estate, there are little efforts to build method which can measure return-risks which are sprung up from real estate. So this paper precedently executes measuring of weighted average effective maturities of office buildings in Seoul to develop methods which can measure return-risks of real estate. Weighted average effective maturities can be used to meature of sensitivities of investment to interest. As result of this paper, 3years duration & 5years duration are more longer than past. The shortest duration region of Seoul is Yido-mapo, the longest is Kangnam, and the larger are the shorter.
  • 6.

    Land Price Differentials Between Gangnam and Gangbuk areas in Seoul

    Shik Heo | 이성원 | 2008, 18(2) | pp.125~144 | number of Cited : 10
    Abstract
    This paper analyses the land price differentials between Gangnam and Gangbuk areas in Seoul. In order to decompose regional differentials, we use two different decomposition methods; Oaxaca and Reimers approaches. These methodologies have been widely used in studies about labor market discrimination and income inequality. Our main results are as follows. First, according to our hedonic analysis, the land prices of apartment in gangnam area is highly expensive than ones in gangbuk area. Second, the explained and unexplained parts account for 26.6~30.6% and 69.4~73.4% of total differential respectively. This implies that the land price differentials be mostly coming from unexplained factors. Such the unexplained differential is largely due to the differential in constant term. Our results may provide some policy implications in improving the land price differentials between Gangnam and Gangbuk areas in Seoul.
  • 7.

    A Economic Analysis on the Land Use Regulation and Compensation

    Park,Yoo-Young | Sungkyu Park | 2008, 18(2) | pp.145~167 | number of Cited : 4
    Abstract
    Since the Constitutional Court ruled that the excessive governmental regulation of land-use runs counter to the Constitution, the legal limit of restriction for the public interest has been actively discussed in the field of law. The primary issue of those discussions is whether the landowner's economic loss caused by the regulations of government should be compensated. With regard to the government's regulation and the private property right protection, the fundamental viewpoint of the field of the law is focussed on the fairness, based on the principle of "just compensation" (the Constitution 23.3) and the principle of "excess prohibition" (the Constitution 37.2). In spite of those discussions in the field of law, however, the rational yardstick of the compensation for the loss caused by the governmental regulation has not yet been proposed. Thus, this article analyzes the compensation for the economic loss caused by the governmental regulation in terms of "efficiency", from the viewpoint of and law and economics. It seems quite logical that the incentive system of government and the land owner changes in accordance with the compensation rule chosen by the court and then it affects on the economic efficiency―the efficient allocation of resource. By showing that compensation system, which can achieve fairness and efficiency at the same time, is theoretically possible, this article proposes the probability of resolution for the contradiction problem―fairness Vs. efficiency―which has been argued by some economists.