Chapter II Assessment of Land Value
The values of the lands in the implementation area of this Act, which have not been assessed, shall be duly assessed. The lands in remote areas and not yet registered may be valued in phases in accordance with the scope designated by the competent authorities of Special Municipality or County / City and approved by the competent authorities of the Central Government.
The land value shall be reassessed once every two years after its initial assessment or reassessment. The reassessment of land value can be postponed if necessary.
The procedure for the assessment or reassessment of land value by the competent authorities of Special Municipality or County / City shall be as follows:
1.Investigate the transaction prices and income values of lands occurring in the last 12 months by sections.
2.Demarcate land value sections and evaluate section values according to the investigation, then transmit the result to the Land Value Evaluation Committee for finalization.
3.Calculate the land value of each plot.
4.Publicly announce the land values for 30 days for the landowners to declare the values of their lands.
5.Compile land value rolls and general registers of landowners in accordance with the declared land values.
In case the landowner fails, during the period of assessment or reassessment of land value, to declare the value of his land within the time limit, then 80 percent of the announced land values shall be deemed as his declared land value. In case the landowner declares land value during the announcement period, and the land value declared is higher than 120 percent of the announced land value, the 120 percent of the announced land value shall be deemed as his declared land value. If the land value declared by the owner is lower than 80 percent of the announced land values, the government reserves the right to purchase his land at the announced land value, or the 80 percent of the announced land value shall be deemed as his declared land value.