KREB to Apply International Tax Assessment Standards Domestically; Joint Research on AI and GIS Techniques

[Financial News] Korea Real Estate Board (KREB) will conduct joint research to apply international tax assessment standards to Korea’s property disclosure system.
KREB said on the 8th that it signed a memorandum of understanding with the International Association of Assessing Officers (IAAO) on the 31st of last month to improve the real estate tax assessment system and techniques.
The two organizations will jointly research tax assessment systems and techniques. They will benchmark the latest assessment models and real estate information technologies, including AI and GIS, while also pursuing initiatives to promote Korea’s property disclosure system overseas.
To implement the agreement, KREB plans to dispatch one property disclosure expert to the IAAO headquarters in Kansas City, Missouri, or to a U.S. local government working with the association.
IAAO is a nonprofit educational and research organization comprising more than 80 member organizations and approximately 8,000 tax assessment professionals worldwide. It develops international standards related to real estate appraisal, taxation and tax administration.
KREB joined IAAO in 2010. Since 2025, it has also participated as a member of an affiliated research and standards committee responsible for overseeing the establishment of tax assessment and administrative standards.
Through this cooperation, KREB plans to support the introduction of international tax assessment standards in ways suited to domestic conditions and improve the property disclosure system. It also plans to raise international awareness of Korea’s property disclosure system by leveraging its global network.
Lee Heon-wook, president of KREB, said, "This memorandum of understanding with the association will be an opportunity to take Korea’s property disclosure system to the next level in line with international standards." He added, "We expect to widely promote the excellence of Korea’s property disclosure system, which is being exported to developing countries such as Vietnam and Laos, to established advanced countries in North America and Europe as well."
[email protected] Choi Ga-young Reporter