Local Government 'Comprehensive Survey of Public Property'... Newly Registered Hidden Assets Worth About 20 Trillion Won

[Financial News]  


The Ministry of the Interior and Safety announced on the 4th that it has completed the 'Comprehensive Survey of Public Property' conducted on 5,394,000 cases of public property such as land and buildings of local governments nationwide from March 2024 to June 2025.
This survey was conducted by comparing the public property register with the three major public ledgers (land register, building register, real estate register) at once.
As a large-scale maintenance project conducted nationwide for the first time under the supervision of the Ministry of the Interior and Safety, it is expected to serve as an opportunity to establish a systematic property management foundation for local governments.
The Ministry of the Interior and Safety confirmed a total of 1,623,000 cases of register discrepancies through this comprehensive survey and completed maintenance on 1,382,000 cases (maintenance rate of 85.1%), exceeding the initial maintenance target of 80%.
In particular, while maintaining 513,000 cases of unregistered property out of a total of 646,000 cases of management omission, 157,000 cases not registered in the public property register and hidden assets worth about 20 trillion won based on register price were discovered.
'Unregistered property' refers to property that is registered in the land register, building register, etc., but not in the public property register.
This is expected to contribute to increasing local non-tax revenue and expanding local finances by enabling the imposition of compensation for unauthorized occupancy or leasing to necessary residents.
Major maintenance cases of unregistered property include cases where local governments newly registered property that was not managed because it was not registered in the public property register despite acquiring ownership through donation, land expropriation, new construction, etc.
The Ministry of the Interior and Safety plans to promote follow-up measures to improve the public property management system based on the results of this comprehensive survey.
Financial incentives will be provided to local governments with excellent comprehensive survey performance, and continuous maintenance will be supported through on-site consulting for local governments with insufficient maintenance.
To prevent future management omissions, guidelines (manuals) that clearly organize the registration procedures when acquiring public property will be prepared and provided to each local government, and education will be conducted.
In the mid to long term, an 'Integrated Management System for Public Property' will be established to automatically verify discrepancies between the public property register and the three major public ledgers.
Han Soon-gi, Director of Local Finance and Economy, said, "This comprehensive survey of public property, supervised by the Ministry of the Interior and Safety, is an example of proactive administration supporting the register maintenance of local governments, becoming the starting point for systematic property management," adding, "We will closely cooperate with local governments to ensure that the results of this maintenance lead to the expansion of local finances and resident benefits."



ktitk@fnnews.com Kim Tae-kyung Reporter