Abstract
The Public Notification System of Land Price involves announcement of the Reference Land Price of 500,000 standard lots among a total of 32 million, followed by assessment of the land price of individual lots based on Reference Prices of standard lot and the Land Price Index Table. Although it has been twenty five years since the introduction of the system, several problems still remain regarding unequal distribution of standard lots, imbalance between Notified Reference Land Prices and individual lot prices, and among individual lot prices. Dividing lands into homogeneous price areas has previously been proposed; however, implementation of the method was made difficult due to the difficulty in determining the proper spatial boundaries of the homogeneous price area. This study aims to propose methods and verify the validity and effectiveness of utilizing computers to classify the homogeneous price, categorizing lands into groups of land located in the same administrative area, with the same usage in the same zone, regardless of the spatial proximity of the land. The result shows that it is possible to classify the Homogeneous Land Price Area in a quick, consistent manner, and to sub-classify the price layers according to the regional land price distribution, fitting the characteristics of each region. This study demonstrates that the proposed method can enhance efficiency in allocating and distributing standard lots, while restoring the imbalance between prices of standard and individual lots, and those among individual lots. It also shows that systematic utilization of real transaction prices allows assessed land price to be closer to the market price.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.