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People swarm around for the model house of AcroTower on Wednesday, the huge officetel building that is to be built in front of Anyang City Hall./Yonhap.
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The government¡¯s standard appraisal prices for nearly 5.4 million apartments nationwide has risen by an average of 6.7 percent, which translates into W8.73 million. The standard price, which is usually equivalent to 70 to 90 percent level of the actual market price, is used as the yardstick for gift and inheritance taxes as well as registration and transfer taxes for people buying and selling homes. Thus, the rise in standard prices will lead to an increase in taxes. The new standard price will be effective from April 30.
The National Tax Service announced its ¡°2004 Standard Appraisal Prices for Apartments¡± on Wednesday and said the standard price rose by 8.8 percent for apartments in Seoul, 11.8 percent in Gyonggi Province, 2.0 percent in Busan, 5.2 percent in Daegu, and 3.2 percent in Gwangju. In particular, the standard prices in Incheon and Dajeon rose most sharply -- 15.2 percent and 14 percent increases, respectively.
In Seoul, the standard prices for Jongno-gu (18.3%), Seongdong-gu (17.0%) and Jung-gu (15.2%) increased more than that for Gangnam-gu (12.6%), Songpa-gu (4.8%) and Seocho-gu (2.7%). The NTS said the government¡¯s real estate measures that have been announced since last year have contributed to low price increases in the southern part of Seoul, while prices for the northern part have risen sharply because of several planned development projects such as the construction of "New Town" project and the restoration of Cheonggye Stream.
Nationwide, Gwangmyong¡¯s apartment prices jumped 29.1 percent due to the establishment of its Korean Train Express station and Pyeongtaek's 27 percent with the planned relocation of U.S. military bases to that city leading to brisk housing development. Also, Yuseong-gu and Seo-gu in Daejeon saw the increase of 26.6 percent and 23.4 percent respectively on the expectation that they may be selected as the site for the nation¡¯s new administrative capital.
Park Yong-oh, the director of the Personal Taxation Department at NTS, said, ¡°55 places, including Gangnam-gu in Seoul, designated as speculation areas will not be affected by this new appraisal price because the transfer tax there is levied according to the actual market price, not the standard appraisal price.¡±
The 180-pyeong(594 square meter) Traum House III in Seocho-gu in Seoul recorded the highest price valued at W3.24 billion, followed by the 160-pyeong Hildes-heim Villa in Gangnam-gu valued at W3.15 billion and the 102-pyeong Tower Palace in Gangnam-gu valued at W2.7 billion. The price of 19-pyeong Dong-il Apartment in Jongno-gu jumped to W100 million, 191.3 percent up from W34 million, recording the highest increase rate.
(Park Yonggeun, ykpark@chosun.com )
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