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ACT ON THE PUBLIC ANNOUNCEMENT OF REAL ESTATE VALUES

Wholly Amended by Act No. 13796, Jan. 19, 2016

Amended by Act No. 14839, Jul. 26, 2017

CHAPTER I GENERAL PROVISIONS
 Article 1 (Purpose)
The purpose of this Act is to prescribe basic matters on the public announcement of reasonable real estate values as well as matters necessary for surveying and managing the real estate market and its trends, thereby encouraging formation of reasonable real estate values, promoting fairness in taxation, various charges, etc., and contributing to development of the national economy.
 Article 2 (Definitions)
The definitions of terms used in this Act shall be as follows:
1. The term "housing" means housing defined in subparagraph 1 of Article 2 of the Housing Act;
2. The term "multi-family housing" means multi-family housing defined in subparagraph 3 of Article 2 of the Housing Act;
3. The term "detached housing" means housing other than multi-family housing;
4. The term "non-residential real estate" means any building other than housing, or all or part of the building and relevant land, which is classified as follows:
(a) Aggregate non-residential real estate: Non-residential real estate subject to sectional ownership under the Act on Ownership and Management of Condominium Buildings;
(b) Ordinary non-residential real estate: Non-residential real estate other than that specified in item (a);
5. The term "reasonable price" means the price at which trade is deemed most likely to be effected if normal transactions take place in an ordinary market regarding the relevant land, housing, or non-residential real estate.
CHAPTER II PUBLIC ANNOUNCEMENT OF LAND PRICES
 Article 3 (Inspection, Assessment, Public Announcement, etc. of Officially Announced Price of Representative Land)
(1) The Minister of Land, Infrastructure and Transport shall inspect and assess, every year, a reasonable price per unit area of representative land (hereinafter referred to as "officially announced price of representative land") selected from among the pieces of land deemed generally similar among themselves in terms of land utilization, the surrounding environment or other natural and social conditions as of the base date of public announcement; and shall publicly announce such price after undergoing deliberation by the Central Commission on the Public Announcement of Real Estate Values established under Article 24.
(2) Where the Minister of Land, Infrastructure and Transport inspects and assesses the price of the representative land in order to publicly announce the officially announced price of representative land, he/she shall hear opinions of the relevant landowner, as prescribed by Presidential Decree.
(3) Matters necessary for selecting the representative land, base date and timing for public announcement, standards for inspection and assessment, procedures, etc. for making a public announcement under paragraph (1), shall be prescribed by Presidential Decree.
(4) Where the Minister of Land, Infrastructure and Transport inspects and assesses the officially announced price of representative land pursuant to paragraph (1), he/she shall take account of the overall situation, such as the market price and rent of similar land in the vicinity, and the estimated cost to be incurred in creating land deemed to have similar usefulness to the land in question.
(5) Where the Minister of Land, Infrastructure and Transport inspects and assesses the officially announced price of representative land pursuant to paragraph (1), he/she shall request at least two appraisal business entities prescribed in the Act on Appraisal and Certified Appraisers (hereinafter referred to as "appraisal business entity") to conduct such inspection and assessment, after taking account of their business performance, credibility, etc.: Provided, That in the case of the representative land meeting the standards prescribed by Presidential Decree, such as land with small price fluctuations, the Minister of Land, Infrastructure and Transport may make such request to a single appraisal business entity.
(6) The standards for selecting appraisal business entities under paragraph (5) and the scope of business thereof shall be prescribed by Presidential Decree.
(7) Where deemed necessary to calculate the officially assessed individual land price under Article 10, the Minister of Land, Infrastructure and Transport shall prepare a standard comparison table (hereinafter referred to as "standard comparison table of land prices") relating to the factors affecting the price of the representative land and that of the individual land to be priced; and shall provide the table to the head of each Si/Gun/Gu.
 Article 4 (Cooperation in Inspection of Officially Announced Price of Representative Land)
Where necessary to select the representative land or to inspect and assess the officially announced price of representative land, the Minister of Land, Infrastructure and Transport may request the relevant administrative agencies for perusal or submission of related data prescribed by Presidential Decree, including the details of authorization and permission for the land in question, matters registered under relevant individual statutes, etc. In such cases, the relevant administrative agencies shall comply with such request, except in extenuating circumstances.
 Article 5 (Matters Subject to Public Announcement of Officially Announced Price of Representative Land)
A public announcement made under Article 3 shall include the following matters:
1. Lot number of the representative land;
2. Price per unit area of the representative land;
3. Size and configuration of the representative land;
4. Utilization status of the representative land and land adjacent thereto;
5. Any other matters prescribed by Presidential Decree.
 Article 6 (Perusal, etc. of Officially Announced Price of Representative Land)
Where the Minister of Land, Infrastructure and Transport has publicly announced the officially announced price of representative land pursuant to Article 3, he/she shall forward the details of the public announcement, via the Special Metropolitan City Mayor, Metropolitan City Mayor or Do Governor, to the head of a Si/Gun/Gu (limited to the head of a Gu which is a local government; hereinafter the same shall apply) to allow the general public to peruse the details; and shall prepare books, diagrams, etc. thereon and furnish them to the relevant administrative agencies, etc., as prescribed by Presidential Decree.
 Article 7 (Filing Objections to Officially Announced Price of Representative Land)
(1) Any person who has an objection to the officially announced price of representative land, may file an objection in writing (including electronic documents; hereinafter the same shall apply) to the Minister of Land, Infrastructure and Transport, within 30 days from the date of the public announcement of the price.
(2) The Minister of Land, Infrastructure and Transport shall review the objection filed within 30 days from the date the filing period for the objection expires pursuant to paragraph (1); and notify the applicant of the outcome of the review in writing. In such cases, where the Minister of Land, Infrastructure and Transport deems the details of the objection appropriate, he/she shall adjust the officially announced price of representative land in question, and publicly announce it again pursuant to Article 3.
(3) Except as otherwise expressly provided for in paragraphs (1) and (2), the matters necessary for filing objections, the settlement procedure, etc., shall be prescribed by Presidential Decree.
 Article 8 (Application of Officially Announced Price of Representative Land)
Where an entity prescribed in any item of subparagraph 1 prices land for the purposes prescribed in any item of subparagraph 2, it may directly price the land in question by using the standard comparison table of land prices, based on the officially announced prices of one or at least two pieces of representative land deemed to have similar usefulness to the land; or it may do so also by requesting an appraisal business entity to appraise and assess the land: Provided, That, the land price calculated may be adjusted depending on the purposes prescribed in each item of subparagraph 2, where deemed necessary:
1. Entities in charge of pricing land:
(a) State or local governments;
(b) Public institutions prescribed in the Act on the Management of Public Institutions;
(c) Other public organizations prescribed by Presidential Decree;
2. Purpose of pricing land:
(a) Purchase of land for public use, and compensation for the expropriation or use of land;
(b) Acquisition or disposal of national or public land;
(c) Other pricing of land prescribed by Presidential Decree.
 Article 9 (Validity of Officially Announced Price of Representative Land)
The officially announced price of representative land shall provide the information on land prices to the land market, operate as an indicator for general land transactions, and serve as a criterion when the State, a local government, etc. prices land in relation to its business, or where an appraisal business entity conducts an individual appraisal of land.
 Article 10 (Determination, Public Announcement, etc. of Officially Assessed Individual Land Price)
(1) The head of a Si/Gun/Gu shall determine and publicly announce, every year, the price per unit area of individual land (hereinafter referred to as "officially assessed individual land price") situated within the area in his/her jurisdiction, as of the base date of public announcement of the officially announced price of representative land, after undergoing deliberation by the relevant Si/Gun/Gu Commission on the Public Announcement of Real Estate Values established under Article 25; and shall provide the information on such price to relevant administrative agencies, etc., so that the land price can be used to impose such taxes as national tax and local tax, or to price land for the purposes specified in other statutes.
(2) Notwithstanding paragraph (1), the officially assessed individual land price may not be determined and publicly announced for: any land selected as representative land; land which is not subject to imposition of taxes, charges, etc.; or any other land prescribed by Presidential Decree. In such cases, with regard to the land selected as representative land, the officially announced price of representative land shall be deemed the officially assessed individual land price.
(3) With respect to any land for which a division, merger, etc. has occurred after the base date of public announcement, the head of a Si/Gun/Gu shall determine and publicly announce the officially assessed individual land price, based on the date prescribed by Presidential Decree.
(4) Where the head of a Si/Gun/Gu determines and publicly announces the officially assessed individual land price, he/she shall calculate the land price by using the standard comparison table of land prices, based on the officially announced prices of one, or at least two pieces of representative land which are deemed to have similar usefulness to the land in question; and shall ensure that a balance is maintained between the price of the land in question and the officially announced price of representative land.
(5) Where the head of a Si/Gun/Gu calculates the price of individual land to determine and publicly announce the officially assessed individual land price, he/she shall undergo a verification by an appraisal business entity with respect to the appropriateness of the price; and hear opinions of the landowner and any other interested persons: Provided, That where the verification by an appraisal business entity is deemed unnecessary, the head of a Si/Gun/Gu may choose not to undergo the verification by the appraisal business entity, in consideration of changes in land prices and other matters prescribed by Presidential Decree.
(6) When the head of a Si/Gun/Gu intends to obtain a verification pursuant to paragraph (5), he/she shall make a verification request to an appraisal business entity who has inspected and assessed the officially announced price of representative land in the relevant area, or to an appraisal business entity prescribed by Presidential Decree who has demonstrated superior performance, etc. in appraisal and assessment.
(7) Where deemed necessary to facilitate rational administrative development for the public announcement of land prices and to form appropriate land prices, such as the maintenance of balance between the officially announced price of representative land and the officially assessed individual land price, the Minister of Land, Infrastructure and Transport may exercise guidance and supervision over the head of a Si/Gun/Gu with respect to the determination, public announcement, etc. of the officially assessed individual land price.
(8) Except as otherwise expressly provided for in paragraphs (1) through (7), matters necessary for the following shall be prescribed by Presidential Decree: the calculation, verification and determination of the officially assessed individual land price, base date and timing for public announcement, standards for inspection and calculation, hearing of opinions of interested persons, designation of appraisal business entities, procedures, etc. for making a public announcement.
 Article 11 (Filing Objections to Officially Assessed Individual Land Price)
(1) Any person who has an objection to the officially assessed individual land price may file an objection in writing to the head of a Si/Gun/Gu, within 30 days from the date of determination and public announcement of the officially assessed individual land price.
(2) The head of a Si/Gun/Gu shall review the objection within 30 days from the date the filing period for objections expires pursuant to paragraph (1) and notify the applicant in writing of the outcome of the review. In such cases, where the head of a Si/Gun/Gu deems the details of the objection appropriate, he/she shall adjust the officially assessed individual land price, and determine and publicly announce it again pursuant to Article 10.
(3) Except as otherwise expressly provided for in paragraphs (1) and (2), matters necessary for filing objections, the settlement procedure, etc., shall be prescribed by Presidential Decree.
 Article 12 (Correction of Officially Assessed Individual Land Price)
Where the head of a Si/Gun/Gu finds any miscalculation or miswriting in the officially assessed individual land price, any error in the selection of the representative land, or any other obvious faults prescribed by Presidential Decree, he/she shall correct them without delay.
 Article 13 (Entering Another Person's Land, etc.)
(1) Where deemed necessary to inspect and assess the price of representative land pursuant to Article 3 (4) or to calculate land prices pursuant to Article 10 (4), the relevant public official or a person requested to publicly announce real estate values (hereinafter referred to as "relevant public official, etc.") may enter another person's land.
(2) Where the relevant public official, etc. intends to enter a housing lot or another person's land enclosed by fences or hedges, pursuant to paragraph (1), he/she shall obtain permission (limited to persons requested to publicly announce real estate values) from the head of the competent Si/Gun/Gu; and notify the possessor of the housing lot or the land in question of the date and place three days before the planned visit: Provided, That this shall not apply where the possessor is unknown or any extenuating circumstances exist.
(3) No person shall be allowed to enter housing lots or another person's land enclosed by fences or hedges before sunrise or after sunset without approval of the possessor of the land.
(4) Anyone who intends to enter property pursuant to paragraph (2) shall carry a certificate showing his/her authority and a written permission, and shall present them to the relevant person.
(5) Necessary matters concerning the certificate and written permission referred to in paragraph (4), shall be prescribed by Ordinance of the Ministry Land, Infrastructure and Transport.
 Article 14 (Subsidizing Expenses Incurred in Determination and Public Announcement of Officially Assessed Individual Land Price)
Expenses incurred in determining and publicly announcing the officially assessed individual land price under Article 10, may be partially subsidized from the National Treasury, as prescribed by Presidential Decree.
 Article 15 (Inspection of Information, etc. on Real Estate Values)
(1) In order to formulate and implement policies on real estate, such as inspecting reasonable real estate values, the Minister of Land, Infrastructure and Transport may inspect and manage trends of the real estate market, information on real estate values, such as the rate of return, and relevant statistics; and provide relevant administrative agencies, etc. with such matters.
(2) Matters necessary in relation to objects to be inspected for information, etc. on real estate values, procedures therefor, etc. under paragraph (1) shall be prescribed by Presidential Decree.
(3) Articles 4 and 13 shall apply mutatis mutandis where a request for the perusal or submission of relevant data, such as national tax, local tax, land and buildings, is made to relevant administrative agencies, and where access to another person's land, etc. is made to conduct an inspection under paragraph (1), respectively.
CHAPTER III PUBLIC ANNOUNCEMENT OF HOUSING PRICES
 Article 16 (Inspection, Calculation, Public Announcement, etc. of Reference Housing Price)
(1) The Minister of Land, Infrastructure and Transport shall inspect and calculate, every year, the reasonable price of reference housing (hereinafter referred to as "reference housing price") selected from among a group of detached housing deemed generally similar in terms of the specific use district, building structure, etc., as of the base date of public announcement; and shall publicly announce such price after undergoing deliberation by the Central Commission on the Public Announcement of Real Estate Values established defined in Article 24.
(2) The public announcement of the reference housing price referred to in paragraph (1) shall include the following matters:
1. Lot number of the reference housing;
2. Reference housing price;
3. Plottage and configuration of the reference housing;
4. Use, total floor area, structure and date of use approval (including the date of temporary use approval) of the reference housing;
5. Any other matters prescribed by Presidential Decree.
(3) Matters necessary for selecting reference housing, the base date and timing for public announcement, standards for inspection and calculation, procedures for making a public announcement under paragraph (1) and other necessary matters, shall be prescribed by Presidential Decree.
(4) Where the Minister of Land, Infrastructure and Transport intends to inspect and calculate the reference housing price pursuant to paragraph (1), he/she shall request the Korea Appraisal Board prescribed in the Korea Appraisal Board Act (hereinafter referred to as the "Appraisal Board") to inspect and calculate the price.
(5) Where the Minister of Land, Infrastructure and Transport inspects and calculates the reference housing price pursuant to paragraph (1), he/she shall take account of the overall situation, such as the market price and rent of similar detached housing in the vicinity, and the estimated cost to be incurred in constructing detached housing deemed to have usefulness similar to the relevant detached housing.
(6) Where deemed necessary to calculate individual housing prices under Article 17, the Minister of Land, Infrastructure and Transport shall prepare a standard comparison table (hereinafter referred to as "standard comparison table of housing prices") in relation to factors affecting the price of reference housing and that of individual housing to be calculated; and shall provide the prepared table to the head of each Si/Gun/Gu.
(7) Articles 3 (2), 4, 6, 7, and 13 shall apply mutatis mutandis to the public announcement of the reference housing price referred to in paragraph (1). In such cases, "Article 3" in the latter part of Article 7 (2) shall be construed as "Article 16."
 Article 17 (Determination, Public Announcement, etc. of Individual Housing Prices)
(1) The head of a Si/Gun/Gu shall determine and publicly announce, every year, the price of individual housing (hereinafter referred to as "individual housing price") located within the area under his/her jurisdiction, as of the base date of the public announcement of the reference housing price, after undergoing deliberation by the relevant Si/Gun/Gu Commission on the Public Announcement of Real Estate Values of the established under Article 25; and shall provide such information to the relevant administrative agencies, etc.
(2) Notwithstanding paragraph (1), the head of a Si/Gun/Gu may choose not to determine and publicly announce individual housing prices, for detached housing selected as reference housing and any other detached housing prescribed by Presidential Decree. In such cases, with respect to housing selected as reference housing, its reference housing price shall be deemed its individual housing price.
(3) The public announcement of individual housing prices referred to in paragraph (2) shall include the following matters:
1. Lot number of each individual housing;
2. Individual housing prices;
3. Any other matters prescribed by Presidential Decree.
(4) Where a division or merger of land has taken place or a new building has been constructed after the base date of public announcement, the head of a Si/Gun/Gu shall determine and publicly announce individual housing prices based on the date prescribed by Presidential Decree.
(5) Where the head of a Si/Gun/Gu determines and publicly announces individual housing prices, he/she shall calculate them by using the standard comparison table of housing prices, based on the reference housing price deemed to have the usefulness similar to the housing concerned; and ensure that a balance is maintained between the relevant housing price and the reference housing price.
(6) Where the head of a Si/Gun/Gu calculates the price of each individual housing to determine and publicly announce individual housing prices, he/she shall obtain a verification by the Appraisal Board in relation to the appropriateness of the price, such as the maintenance of balance with the reference housing price; and hear opinions of the landowner and any other interested persons, as prescribed by Presidential Decree: Provided, That: where the verification by Appraisal Board is deemed unnecessary, the head of a Si/Gun/Gu may choose not to obtain the verification by the Appraisal Board, in consideration of changes in land prices and any other matters prescribed by Presidential Decree.
(7) Where deemed necessary to facilitate rational administrative development for the public announcement of individual housing prices and to form reasonable housing prices, such as the maintenance of balance between the reference housing price and individual housing prices, the Minister of Land, Infrastructure and Transport may exercise guidance and supervision over the head of a Si/Gun/Gu with respect to the determination, public announcement, etc. of the individual housing prices.
(8) Articles 11 and 12 shall apply mutatis mutandis to filing objections to individual housing prices and correcting the prices, respectively. In such cases, "Article 10" in the latter part of Article 11 (2) shall be construed as "Article 17."
(9) Except as otherwise expressly provided for in paragraphs (1) through (8), matters necessary for the calculation, verification and determination of individual housing prices, the base date and timing for public announcement, standards for inspection and calculation, hearing opinions of interested persons, procedures for making a public announcement, etc., shall be prescribed by Presidential Decree.
 Article 18 (Inspection, Calculation, Public Announcement, etc. of Multi-Family Housing Prices)
(1) The Minister of Land, Infrastructure and Transport shall inspect and calculate, every year, a reasonable price of multi-family housing (hereinafter referred to as "multi-family housing price"), as of the base date of public announcement; publicly announce the price after undergoing deliberation by the Central Commission on the Public Announcement of Real Estate Values established under Article 24; and provide such information to the relevant administrative agencies, etc.: Provided, That the same shall not apply where the Commissioner of the National Tax Service determines and publicly announces a multi-family housing price separately after consultation with Minister of Land, Infrastructure and Transport, as prescribed by Presidential Decree.
(2) Where the Minister of Land, Infrastructure and Transport prices multi-family housing in order to publicly announce multi-family housing prices, he/she shall hear opinions of the owners of multi-family housing and any other interested persons, as prescribed by Presidential Decree.
(3) Matters necessary for selecting multi-family housing to be inspected, the base date and timing for public announcement, matters subject to public announcement, standards for inspection and calculation, procedures for making a public announcement under paragraph (1) and other necessary matters, shall be prescribed by Presidential Decree.
(4) Where a division or merger of land has taken place or a new building has been constructed after the base date of public announcement, the Minister of Land, Infrastructure and Transport shall determine and publicly announce multi-family housing prices based on the date prescribed by Presidential Decree.
(5) Where the Minister of Land, Infrastructure and Transport inspects and calculates a multi-family housing price pursuant to paragraph (1), he/she shall take account of the overall situation, such as the market price and rent of similar multi-family housing in the vicinity, and the estimated cost to be incurred in constructing multi-family housing deemed to have usefulness similar to the relevant multi-family housing.
(6) Where the Minister of Land, Infrastructure and Transport inspects and calculates multi-family housing prices pursuant to paragraph (1), he/she shall request the Appraisal Board to inspect and calculate the prices.
(7) When the Minister of Land, Infrastructure and Transport finds any miscalculation, miswriting, or any other obvious faults prescribed by Presidential Decree in the price publicly announced pursuant to paragraph (1) or (4), he/she shall correct them without delay.
(8) Articles 4, 6, 7, and 13 shall apply mutatis mutandis to the public announcement of multi-family housing prices. In such cases, "Article 3" in the latter part of Article 7 (2) shall be construed as "Article 18."
 Article 19 (Validity of Public Announcement of Housing Prices)
(1) The reference housing price shall serve as a basis for calculation when the State, a local government, etc. calculates individual housing prices in connection with its duties.
(2) Individual housing prices and multi-family housing prices may provide the price information to the housing market; and may be utilized as the basis for calculation when the State, a local government, etc. calculates housing prices in connection with its duties, such as taxation.
CHAPTER IV PUBLIC ANNOUNCEMENT OF NON-RESIDENTIAL REAL ESTATE VALUES
 Article 20 (Inspection, Calculation, Public Announcement, etc. of Value of Reference Non-Residential Real Estate)
(1) The Minister of Land, Infrastructure and Transport may inspect and calculate, every year, a reasonable value of reference non-residential real estate (hereinafter referred to as "value of reference non-residential real estate") selected from among a group of ordinary non-residential real estate deemed generally similar in terms of the specific use district, utilization situation, building structure, etc., as of the base date of public announcement; and publicly announce such value after undergoing deliberation by the Central Commission on the Public Announcement of Real Estate Values established under Article 24.
(2) The public announcement of the value of reference non-residential real estate referred to in paragraph (1) shall include the following matters:
1. Lot number of reference non-residential real estate;
2. Value of reference non-residential real estate;
3. Plottage and configuration of reference non-residential real estate;
4. Use, total floor area, structure, and date of use approval (including the date of temporary use approval) of reference non-residential real estate;
5. Any other matters prescribed by Presidential Decree.
(3) Matters necessary for selecting the reference non-residential real estate, the base date and timing for public announcement, standards for inspection and calculation, procedures for making a public announcement under paragraph (1) and other necessary matters, shall be prescribed by Presidential Decree.
(4) Where the Minister of Land, Infrastructure and Transport intends to inspect and calculate the value of reference non-residential real estate pursuant to paragraph (1), he/she shall request an appraisal business entity or person prescribed by Presidential Decree, who has expertise in inspecting and calculating real estate values, to conduct such inspection and calculation.
(5) Where the Minister of Land, Infrastructure and Transport inspects and calculates the value of reference non-residential real estate, he/she shall take account of the overall situation, such as the market price and rent of similar ordinary non-residential real estate in the vicinity, and the estimated cost to be incurred in constructing ordinary non-residential real estate deemed to have the usefulness similar to relevant ordinary non-residential real estate.
(6) Where deemed necessary to calculate the value of individual non-residential real estate under Article 21, the Minister of Land, Infrastructure and Transport shall prepare a standard comparison table (hereinafter referred to as "standard comparison table of non-residential real estate values") in relation to the factors affecting the value of reference non-residential real estate and the values of individual non-residential real estate to be calculated; and shall provide the table to the head of each Si/Gun/Gu.
(7) Articles 3 (2), 4, 6, 7, and 13 shall apply mutatis mutandis to the public announcement of the value of reference non-residential real estate. In such cases, "Article 3" in the latter part of Article 7 (2) shall be construed as "Article 20."
 Article 21 (Determination, Public Announcement, etc. of Value of Individual Non-Residential Real Estate)
(1) The head of a Si/Gun/Gu may determine and publicly announce, every year, the value of individual non-residential real estate (hereinafter referred to as "value of individual non-residential real estate") located within the area under his/her jurisdiction, as of the base date of public announcement of the value of reference non-residential real estate, after undergoing deliberation by the Commission on the Public Announcement of Real Estate Values of the relevant Si/Gun/Gu on the public announcement of real estate values established under Article 25; and shall provide the information on such values to the relevant administrative agencies, etc.: Provided, That the same shall not apply where the Minister of the Interior and Safety or the Commissioner of the National Tax Service determines and publicly announces the value of individual non-residential real estate separately, after consultation with the Minister of Land, Infrastructure and Transport, as prescribed by Presidential Decree. <Amended by Act No. 14839, Jul. 26, 2017>
(2) Notwithstanding paragraph (1), the head of a Si/Gun/Gu may choose not to determine and publicly announce the value of individual non-residential real estate, for any other ordinary non-residential real estate prescribed by Presidential Decree, such as ordinary non-residential real estate selected as reference non-residential real estate. In such cases, with respect to any ordinary non-residential real estate selected as reference non-residential real estate, the value of the relevant reference non-residential real estate shall be deemed the value of individual non-residential real estate.
(3) The public announcement of the value of individual non-residential real estate referred to in paragraph (2) shall include the following matters:
1. Lot number of non-residential real estate;
2. Non-residential real estate values;
3. Any other matters prescribed by Presidential Decree.
(4) Where a division or merger of land has taken place or a new building has been constructed after the base date of public announcement, the head of a Si/Gun/Gu shall determine and publicly announce the value of individual non-residential real estate based on the date prescribed by Presidential Decree.
(5) Where the head of a Si/Gun/Gu determines and publicly announces the value of individual non-residential real estate, he/she shall calculate the value by using the standard comparison table of non-residential real estate values, based on the value of reference non-residential real estate deemed to have the usefulness similar to the relevant ordinary non-residential real estate; and ensure that a balance is maintained between the value of the relevant ordinary non-residential real estate and the value of reference non-residential real estate.
(6) Where the head of a Si/Gun/Gu calculates the value of the relevant ordinary non-residential real estate to determine and publicly announce the value of individual non-residential real estate, he/she shall obtain a verification by a person prescribed by Presidential Decree, such as a person requested to inspect and calculate the value of reference non-residential real estate under Article 20, with respect to the appropriateness of the value, including the maintenance of balance with the value of reference non-residential real estate; and hear opinions of the owner of such ordinary non-residential real estate and any other interested persons: Provided, That: where the verification of the value of individual non-residential real estate is deemed unnecessary, the head of a Si/Gun/Gu may choose not to obtain the verification, in consideration of changes in non-residential real estate values and any other matters prescribed by Presidential Decree.
(7) Where deemed necessary to facilitate rational administrative development for public announcement and to form a reasonable value, such as maintaining a balance between the value of reference non-residential real estate and that of individual non-residential real estate, the Minister of Land, Infrastructure and Transport may exercise guidance and supervision over the head of a Si/Gun/Gu with respect to the determination, public announcement, etc. of the value of individual non-residential real estate.
(8) Articles 11 and 12 shall apply mutatis mutandis to filing objections to the value of individual non-residential real estate and correcting the value, respectively. In such cases, "Article 10" in the latter part of Article 11 (2) shall be construed as "Article 21."
(9) Except as otherwise expressly provided for in paragraphs (1) through (8), matters necessary for calculating, verifying and determining the value of individual non-residential real estate, the base date and timing for public announcement, standards for inspection and calculation, hearing opinions of interested persons, procedures for making a public announcement, etc., shall be prescribed by Presidential Decree.
 Article 22 (Inspection, Calculation, Public Announcement, etc. of Value of Aggregate Non-Residential Real Estate)
(1) The Minister of Land, Infrastructure and Transport may inspect and calculate, every year, a reasonable value of aggregate non-residential real estate (hereinafter referred to as "value of aggregate non-residential real estate") as of the base date of public announcement; and publicly announce the value after undergoing deliberation by the Central Commission on the Public Announcement of Real Estate Values established under Article 24. In such cases, where the head of a Si/Gun/Gu has determined and publicly announced the value of aggregate non-residential real estate, he/she shall provide such information to relevant administrative agencies, etc.
(2) Notwithstanding paragraph (1), where the Minister of the Interior and Safety or the Commissioner of the National Tax Service determines and publicly announces the value of any aggregate non-residential real estate separately after consultation with the Minister of Land, Infrastructure and Transport, as prescribed by Presidential Decree, the value of individual non-residential real estate, for the aggregate non-residential real estate shall not be determined and publicly announced. <Amended by Act No. 14839, Jul. 26, 2017>
(3) Where the Minister of Land, Infrastructure and Transport calculates the value of aggregate non-residential real estate to publicly announce the value thereof, he/she shall hear opinions of the owners of such aggregate non-residential real estate and any other interested persons, as prescribed by Presidential Decree.
(4) Matters necessary for selecting the aggregate non-residential real estate to be inspected, the base date and timing for public announcement, matters subject to public announcement, standards for inspection and calculation, procedures for making a public announcement under paragraph (1) and other necessary matters, shall be prescribed by Presidential Decree.
(5) Where a division or merger of land has taken place or a new building has been constructed after the base date of public announcement, the Minister of Land, Infrastructure and Transport shall determine and publicly announce the value of aggregate non-residential real estate based on the date prescribed by Presidential Decree.
(6) Where the Minister of Land, Infrastructure and Transport inspects and calculates the value of aggregate non-residential real estate pursuant to paragraph (1), he/she shall take account of the overall situation, such as the market price and rent of similar aggregate non-residential real estate in the vicinity, and the estimated cost to be incurred in constructing aggregate non-residential real estate deemed to have the usefulness similar to relevant aggregate non-residential real estate.
(7) Where the Minister of Land, Infrastructure and Transport inspects and calculates the value of aggregate non-residential real estate pursuant to paragraph (1), he/she shall request the Appraisal Board or a person prescribed by Presidential Decree, who has expertise in inspecting and calculating real estate values, to conduct such inspection and calculation.
(8) When the Minister of Land, Infrastructure and Transport finds any miscalculation, miswriting, or any other obvious faults prescribed by Presidential Decree in the value publicly announced pursuant to paragraph (1) or (4), he/she shall correct them without delay.
(9) Articles 4, 6, 7, and 13 shall apply mutatis mutandis to the public announcement of the value of aggregate non-residential real estate. In such cases, "Article 3" in the latter part of Article 7 (2) shall be construed as "Article 22."
 Article 23 (Validity of Public Announcement of Non-Residential Real Estate Values)
(1) The value of reference non-residential real estate referred to in Article 20 shall serve as a criterion for calculation when the State, a local government, etc. calculates the value of individual non-residential real estate in connection with its duties.
(2) The value of individual non-residential real estate referred to in Article 21 and the value of aggregate non-residential real estate referred to in Article 22 may provide the price information to the real estate market; and may be utilized as the basis for calculation when the State, a local government, etc. calculates non-residential real estate values in relation to its duties, such as taxation.
CHAPTER V COMMISSION ON PUBLIC ANNOUNCEMENT OF REAL ESTATE VALUES
 Article 24 (Central Commission on Public Announcement of Real Estate Values)
(1) A Central Commission on the Public Announcement of Real Estate Values (hereafter in this Article, referred to as the "Commission") shall be established under the jurisdiction of the Minister of Land, Infrastructure and Transport to deliberate on the following matters:
1. Matters submitted for consideration by the Minister of Land, Infrastructure and Transport, among matters concerning the enactment and amendment of statutes in relation to the public announcement of real estate values;
2. Selection of representative land under Article 3, and management guidelines therefor;
3. Officially announced price of representative land inspected and assessed pursuant to Article 3;
4. Filing objections to the officially announced price of representative land under Article 7;
5. Selection of reference housing under Article 16, and management guidelines therefor;
6. Reference housing price inspected and calculated pursuant to Article 16;
7. Filing objections to the reference housing price under Article 16;
8. Guidelines for inspecting and pricing multi-family housing under Article 18;
9. Multi-family housing prices inspected and calculated pursuant to Article 18;
10. Filing objections to multi-family housing prices under Article 18;
11. Selection of reference non-residential real estate under Article 20, and management guidelines therefor;
12. The value of reference non-residential real estate inspected and calculated pursuant to Article 20;
13. Filing objections to the value of reference non-residential real estate under Article 20;
14. Guidelines for inspecting and pricing aggregate non-residential real estate under Article 22;
15. Value of aggregate non-residential real estate inspected and calculated pursuant to Article 22;
16. Filing objections to aggregate non-residential real estate under Article 22;
17. Any other matters submitted for consideration by the Minister of Land, Infrastructure and Transport, such as matters on real estate policies.
(2) The Commission shall be comprised of up to 20 members, including a chairperson.
(3) The First Vice Minister of Land, Infrastructure and Transport shall serve as the chairperson of the Commission.
(4) Members of the Commission shall consist of six or fewer public officials appointed by the head of a central administrative agency prescribed by Presidential Decree and persons commissioned by the Minister of Land, Infrastructure and Transport from among the following persons:
1. A person who is currently holding or has once held an assistant professorship or a higher position teaching theories on land, housing, etc. at colleges defined in the Higher Education Act;
2. A person qualified as a judge, prosecutor, attorney-at-law, or certified public appraiser;
3. A person who has at least ten years of research or practical experience in a field related to the public announcement of real estate values or the appraisal and assessment of real estate.
(5) The term of office of members, other than public officials shall be two years, which may be renewed only once.
(6) Where deemed necessary, the Minister of Land, Infrastructure may first hear expert opinions or request the experts to conduct inspection and research before he/she refers the relevant matters to the Commission for consideration.
(7) Except as otherwise expressly provided for in paragraphs (1) through (6), matters necessary for organizing and operating the Commission shall be prescribed by Presidential Decree.
 Article 25 (Si/Gun/Gu Commission on Public Announcement of Real Estate Values)
(1) A Si/Gun/Gu Commission on the Public Announcement of Real Estate Values shall be established under the jurisdiction of the head of a Si/Gun/Gu to deliberate on the following matters:
1. Determining the officially assessed individual land price under Article 10;
2. Filing objections to the officially assessed individual land price under Article 11;
3. Determining individual housing prices under Article 17;
4. Filing objections to individual housing prices under Article 17;
5. Determining the value of individual non-residential real estate under Article 21;
6. Filing objections to the value of individual non-residential real estate under Article 21;
7. Any other matters submitted for consideration by the head of a Si/Gun/Gu.
(2) Except as otherwise expressly provided for in paragraph (1), matters necessary for organizing and operating a Si/Gun/Gu Commission on the Public Announcement of Real Estate Values shall be prescribed by Presidential Decree.
CHAPTER VI SUPPLEMENTARY PROVISIONS
 Article 26 (Submission of Report on Public Announcements)
The Government shall submit a report on important matters concerning the officially announced price of representative land, reference housing price and multi-family housing prices, to the National Assembly before its regular session is held each year.
 Article 27 (Establishment and Management of Information System on Publicly Announced Prices)
(1) The Minister of Land, Infrastructure and Transport may establish and operate an information system on publicly announced prices in order to efficiently and systematically manage information on land and housing prices as well as non-residential real estate values publicly announced.
(2) Where necessary to establish the information system on publicly announced prices under paragraph (1), the Minister of Land, Infrastructure and Transport may request relevant agencies to provide data. In such cases, the relevant agencies so requested shall comply with such request, except in extenuating circumstances.
(3) Matters necessary in relation to the types of information and data, method of establishing and operating the information system on publicly announced prices referred to in paragraphs (1) and (2) and other necessary matters, shall be prescribed by Presidential Decree.
 Article 28 (Entrustment of Duties)
(1) The Minister of Land, Infrastructure and Transport may entrust any of the following duties to the Appraisal Board or an agency prescribed by the Minister of Land, Infrastructure and Transport:
1. Incidental business necessary to perform the following duties:
(a) Inspecting and assessing the officially announced price of representative land under Article 3;
(b) Inspecting and calculating the reference housing price under Article 16;
(c) Inspecting and calculating multi-family housing prices under Article 18;
(d) Inspecting and calculating the value of reference non-residential real estate under Article 20;
(e) Inspecting and calculating the value of aggregate non-residential real estate under Article 22;
2. Preparing and providing books, diagrams, etc. in relation to the officially announced price of representative land referred to in Article 6; the reference housing price referred to in Article 16 (7); multi-family housing prices referred to in Article 18 (8); the value of reference non-residential real estate referred to in Article 20 (7); and the value of aggregate non-residential real estate referred to in Article 22 (9);
3. Preparing and providing a standard comparison table of land prices referred to in Article 3 (7); the standard comparison table of housing prices referred to in Article 16 (6); and the standard comparison table of non-residential real estate values referred to in Article 20 (6);
4. Inspecting information, etc. on real estate values under Article 15;
5. Establishing and managing the information system on publicly announced prices under Article 27;
6. Duties prescribed by Presidential Decree, which is related to the duties specified in subparagraphs 1 through 5.
(2) Where the Minister of Land, Infrastructure and Transport entrusts his/her duties pursuant to paragraph (1), he/she may subsidize necessary expenses within budgetary limits.
 Article 29 (Fees, etc.)
(1) The Appraisal Board and each appraisal business entity may receive fees to perform the duties under this Act, such as inspecting and assessing the officially announced price of representative land, verifying the officially assessed individual land price, inspecting information, statistics, etc. on real estate values, inspecting and calculating the reference housing price, verifying individual housing prices, inspecting and calculating multi-family housing prices, inspecting and calculating the value of reference non-residential real estate, verifying the value of individual non-residential real estate, and inspecting the value of aggregate non-residential real estate; and may receive actual expenses incurred in taking business trips or ascertaining facts.
(2) The rate of fees and scope of actual expenses referred to in paragraph (1), shall be determined and publicly notified by the Minister of Land, Infrastructure and Transport.
 Article 30 (Legal Fiction as Public Officials for Purposes of Application of Penalty Provisions)
Any of the following persons shall be deemed a public official for the purposes of applying Articles 129 through 132 of the Criminal Act:
1. An executive officer and/or employee of an agency entrusted to perform the duties pursuant to Article 28 (1);
2. Any member of the Central Commission on the Public Announcement of Real Estate Values who is not a public official.
ADDENDA
Article 1 (Enforcement Date)
This Act shall enter into force on September 1, 2016.
Article 2 (General Transitional Measures)
Dispositions issued, procedures taken and other acts conducted under the former Act on the Public Announcement of Values and Appraisal of Real Estate as at the time this Act enters into force, shall be deemed issued, taken, and conducted under this Act, if such corresponding provisions exist herein.
Article 3 Omitted.
Article 4 (Relationship with Other Acts)
Any citation of the former Act on the Public Announcement of Values and Appraisal of Real Estate or any provisions thereof in any other statute as at the time this Act enters into force, shall be deemed a citation of this Act or the corresponding provisions of this Act in lieu of the former Act on the Public Announcement of Values and Appraisal of Real Estate or any provisions thereof, if such corresponding provisions exist herein.
ADDENDA <Act No. 14839, Jul. 26, 2017>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation: Provided, That the amended provisions of the Acts, which were promulgated before this Act enters into force, but the date on which they are to enter into force, has not arrived yet, among the Acts amended pursuant to Article 5 of the Addenda, shall enter into force on the enforcement dates of such Acts, respectively.
Articles 2 through 6 Omitted.