Frequently Asked Questions (Property Tax)

QuestionHow is the evaluation of a house conducted?

Response

Property evaluation is based on reconstruction costs according to the fixed asset evaluation standards.
Assessment Value = Reconstruction Price × Depreciation Rate

• Note: The reconstruction cost refers to the construction cost required to build a new structure identical to the evaluated building at the same location at the time of evaluation.
• Note: The depreciation correction rate refers to the decrease in value due to the wear and tear that occurs as the years pass after the construction of a building.