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Legal Characteristics and Forces of Officially Announced Land Price

  • Public Land Law Review
  • Abbr : KPLLR
  • 2012, 58(), pp.245-266
  • Publisher : Korean Public Land Law Association
  • Research Area : Social Science > Law

LEE SANG HOON 1

1명지전문대학

Accredited

ABSTRACT

The officially announced land price is classified into two land prices that are the officially assessed reference land price(hereinafter referred to as “the reference land price”) and the officially assessed individual land price(hereinafter referred to as “the individual land price”) according to the public notice of values and appraisal of real estate act(hereinafter referred to as “the public notice act”). The public notice of values and appraisal of real estate act protects the people's right to know on the property right by providing the officially announced land price of the whole nation to the public. Due to the fact that the reference land price and the individual land price yearly assessed based on the reference land price have been used as a standard of assessment for the people's property tax and etc. and a huge source of securing the stable tax revenue, the officially announced land price has a great force in the aspect of fair taxation. On the one hand, although the appraiser business operator revises a gap between the officially assessed land price and its actual market value by using the extra factor in the process of official appraisal based on the reference land price, the extra factor that is not stated in the public notice act has been approved by a practice of the appraiser business and a judicial precedent. Additionally, the action that the Financial Supervisory Commission tries to establish a new provision in the supervisory rule regarding the banking operation needs to be corrected because it denies the practice of the appraiser business and the judicial precedent which have been accepted by the banking operation and the appraiser business. Thus, the administration related to the announced land price needs to develop the announced land price system positively and expansively in order to reduce the national treasury by assessing various land prices according to the utilization of the public notice act and to maintain the asset soundness of banks by the adequate evaluation of the collateral security and the just compensation, close to the actual market value, that is assessed by the objective appraiser business operator.

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