Gangnam Homeowners Hit by Soaring Prices Say Official Appraised Values Are Too High...Thousands Voice Anger

[The Financial News]  
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\r\nAmong Seoul's districts, Gangnam District received the most requests to lower apartment official appraised values. Last year, the official appraised value of multi-family housing in Gangnam District rose 25.83%.
According to the Ministry of Land, Infrastructure and Transport on the 30th, 14,561 opinions were submitted during the review and public comment period for the proposed official appraised values of multi-family housing from March 18 to April 6. Of those, 1,903 cases were found valid and their appraised values were adjusted. This year's realization ratio for official appraised values of multi-family housing was set at 69%, the same as last year.
The local government that received the most submissions on official appraised values was the Seoul Metropolitan Government, with 10,166 cases. Of those, 1,481 were adjusted, including 1,107 downward revisions and 374 upward revisions.
By district, opinions poured in from the three Gangnam districts. In Gangnam District alone, 2,797 submissions were filed, far exceeding Songpa District, which ranked second with 1,189. Seocho District followed with 887, Yangcheon District with 777, and Seongdong District with 639.
Most of the submissions called for lower official appraised values. In Gangnam District, which had the most, 2,783 requests were filed and 574 of them were accepted.
Meanwhile, the official appraised values for multi-family housing can be checked from the 30th on the Real Estate Officially Announced Price Notification Service or at city, county and district offices. If there is an objection, an appeal form can be submitted by mail, fax or in person by May 29 through the Real Estate Officially Announced Price Notification Service website, MOLIT, city, county and district offices, or KREB branch offices.
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cynical73@fnnews.com Kim Byung-deok Reporter