Analysis of tax assessment by assembly and property development activities in fragmented urban lands – Gwangjin District, Seoul, South Korea
Abstract
Due to the land readjustment project in Gwangjin District, Seoul, Korea, in the 1970s, Gwangjin was characterized as a single-family residential area for individual households. Over the following 40 years, the land-use situation changed dramatically, and ironically, there is now a too-fragmented residential area and very insufficient commercial areas. We employed a balanced panel data analysis. The data for this study were 24,177 parcel tax assessments and land assembly, split, zoning change, and property development activities over nine years from 2011 to 2019. We found that de facto land assembly would affect the tax assessment by delaying it a year more than it is when the development is approved, while formal land assembly did not. Development activity itself increased the assessment for that year only. Finally, formal land assembly in the commercial zone increased the assessment only for the following year, while property development in the residential zone increased the assessment for that year only. We recommend that the government provide land-assemblyfriendly policy incentives to allow for much larger property developments in both residential and commercial zones. The research on land and property development activities’ impact on tax assessment can provide a reasonable basis for the government’s tax assessment institution building.
Keyword : fragmentation, land assembly, property development, zoning, panel analysis, policy incentives
How to Cite
Shin, S., Lee, Y., & Taltavull de La Paz, P. (2023). Analysis of tax assessment by assembly and property development activities in fragmented urban lands – Gwangjin District, Seoul, South Korea. International Journal of Strategic Property Management, 27(3), 202–217. https://doi.org/10.3846/ijspm.2023.19889
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Kim, M. (2020). Upzoning and value capture: how US local governments use land use regulation power to create and capture value from real estate developments. Land Use Policy, 95, 104624. https://doi.org/10.1016/j.landusepol.2020.104624
Kim, S. H. (2013). Changes in urban planning policies and urban morphologies in Seoul, 1960s to 2000s. Architectural Research, 15(3), 133–141. https://doi.org/10.5659/AIKAR.2013.15.3.133
Lai, T.-Y., & Wang, K. (1998). Appraisal smoothing: the other side of the story. Real Estate Economics, 26(3), 511–535. https://doi.org/10.1111/1540-6229.00755
Lee, J. (2009). The change of urban fabric in Hwayang-dong residential area, Seoul [Master’s thesis]. University of Seoul. https://academic.naver.com/article.naver?doc_id=79571641
Lee, T. (1987). Land readjustments in Seoul: case study on Gaepo Project. Third World Planning Review, 9(3), 211. https://doi.org/10.3828/twpr.9.3.h744443841t36h33
Lee, Y. J., & Shin, S. W. (2021). The influences of urban land assembly on small-scale real estate development period—the development cases of Gwangjin District. Korea Real Estate Institute, 31(3), 45–66. https://doi.org/10.35136/krer.31.3.3
Lin, T.-C. (2005). Land assembly in a fragmented land market through land readjustment. Land Use Policy, 22(2), 95–102. https://doi.org/10.1016/j.landusepol.2003.02.002
Lin, T.-C., & Evans, A. W. (2000). The relationship between the price of land and size of plot when plots are small. Land Economics, 76(3), 386. https://doi.org/10.2307/3147036
Lindenthal, T., Eichholtz, P., & Geltner, D. (2017). Land assembly in Amsterdam, 1832–2015. Regional Science and Urban Economics, 64, 57–67. https://doi.org/10.1016/j.regsciurbeco.2017.01.003
Louw, E. (2008). Land assembly for urban transformation–the case of’s-Hertogenbosch in the Netherlands. Land Use Policy, 25(1), 69–80. https://doi.org/10.1016/j.landusepol.2006.09.002
Lum, S. K., Sim, L. L., & Malone-Lee, L. C. (2004). Market-led policy measures for urban redevelopment in Singapore. Land Use Policy, 21(1), 1–19. https://doi.org/10.1016/S0264-8377(03)00046-2
Masser, I. (1984). Learning from the Japanese (land management). Town and Country Planning, 53, 16–17.
Menezes, F., & Pitchford, R. (2004). The land assembly problem revisited. Regional Science and Urban Economics, 34(2), 155–162. https://doi.org/10.1016/S0166-0462(03)00041-3
Miceli, T. J., & Sirmans, C. F. (2007). The holdout problem, urban sprawl, and eminent domain. Journal of Housing Economics, 16(3–4), 309–319. https://doi.org/10.1016/j.jhe.2007.06.004
Muchová, Z., & Jusková, K. (2017). Stakeholders’ perception of defragmentation of new plots in a land consolidation project: given the surprisingly different Slovak and Czech approaches. Land Use Policy, 66, 356–363. https://doi.org/10.1016/j.landusepol.2017.05.011
Neutze, M. (1987). The supply of land for a particular use. Urban Studies, 24(5), 379–388. https://doi.org/10.1080/00420988720080601
O’Flaherty, B. (1994). Land assembly and urban renewal. Regional Science and Urban Economics, 24, 287–300. https://doi.org/10.1016/0166-0462(93)02044-4
Petersen, M. A. (2009). Estimating standard errors in finance panel data sets: comparing approaches. Review of Financial Studies, 22(1), 435–480. https://doi.org/10.1093/rfs/hhn053
Poelmans, L., & Van Rompaey, A. (2009). Detecting and modelling spatial patterns of urban sprawl in highly fragmented areas: a case study in the Flanders–Brussels region. Landscape and Urban Planning, 93, 10–19. https://doi.org/10.1016/j.landurbplan.2009.05.018
Potsiou, C., Ioannidis, C., Soile, S., Verykokou, S., Gkeli, M., & Filippakopoulou, M. (2022). A technical tool for urban upgrading: an application for cultural heritage preservation and planning for affordable housing. Land, 11(8), 1197. https://doi.org/10.3390/land11081197
Shoup, D. (2008). Graduated density zoning. Journal of Planning Education and Research, 28, 161–179. https://doi.org/10.1177/0739456X08321734
Sorensen, A. (2000). Conflict, consensus or consent: implications of Japanese land readjustment practice for developing countries. Habitat International, 24(1), 51–73. https://doi.org/10.1016/S0197-3975(99)00029-6
Strange, W. (1995). Information, holdouts, and land assembly. Journal of Urban Economics, 38, 317–332. https://doi.org/10.1006/juec.1995.1036
Tabuchi, T. (1996). Quantity premia in real property markets. Land Economics, 72(2), 206. https://doi.org/10.2307/3146966
Tang, B.-S., & Tang, R. M. H. (1999). Development control, planning incentive and urban redevelopment: evaluation of a two-tier plot ratio system in Hong Kong. Land Use Policy, 16(1), 33–43. https://doi.org/10.1016/S0264-8377(98)00035-0
Tran, D., Vu, H. T., & Goto, D. (2022). Agricultural land consolidation, labor allocation and land productivity: a case study of plot exchange policy in Vietnam. Economic Analysis and Policy, 73, 455–473. https://doi.org/10.1016/j.eap.2021.11.017
Tuli, K. R., Mukherjee, A., & Dekimpe, M. G. (2012). On the value relevance of retailer advertising spending and same-store sales growth. Journal of Retailing, 88(4), 447–461. https://doi.org/10.1016/j.jretai.2012.07.001
Turk, S. S., Tarakci, S., & Gürsoy, N. (2020). A large-scale urban renewal project in a vicious cycle of commons and anticommons: the Fikirtepe case (Istanbul, Turkey). Habitat International, 102, 102209. https://doi.org/10.1016/j.habitatint.2020.102209
van der Krabben, E., & Needham, B. (2008). Land readjustment for value capturing: a new planning tool for urban redevelopment. Town Planning Review, 79(6), 651–672. https://doi.org/10.3828/tpr.79.6.4
Wang, Y., Fan, Y., & Yang, Z. (2022). Challenges, experience, and prospects of urban renewal in high-density cities: a review for Hong Kong. Land, 11(12), 2248. https://doi.org/10.3390/land11122248
Wooldridge, J. (2009). Introductory econometrics. South-Western, Cengage Learning.
Yim, Y., & Lee, C. (2016). Center boundary delimitation in Seoul metropolitan area using census output data. Journal of Korea Planning Association, 91, 109–124. https://doi.org/10.15793/kspr.2016.91..007
Yiu, C. Y., Tang, B. S., Chiang, Y. H., & Choy, L. H. T. (2006). Alternative theories of appraisal bias. Journal of Real Estate Literature, 14(3), 321–344. https://doi.org/10.1080/10835547.2006.12090188
Zhou, J., Li, C., Chu, X., & Luo, C. (2022). Is cultivated land increased by land consolidation sustainably used in mountainous areas? Land, 11(12), 2236. https://doi.org/10.3390/land11122236
Zhu, J. (2012). Development of sustainable urban forms for high-density low-income Asian countries: the case of Vietnam: the institutional hindrance of the commons and anticommons. Cities, 29(2), 77–87. https://doi.org/10.1016/j.cities.2011.08.005
Amin, K., & Capozza, D. R. (1993). Sequential development. Journal of Urban Economics, 34(2), 142–158. https://doi.org/10.1006/juec.1993.1031
Archer, R. W. (1992). Introducing the urban land pooling/readjustment technique into Thailand to improve urban development and land supply. Public Administration and Development, 12(2), 155–174. https://doi.org/10.1002/pad.4230120204
Arnott, R. (2005). Neutral property taxation. Journal of Public Economic Theory, 7(1), 27–50. https://doi.org/10.1111/j.1467-9779.2005.00192.x
Avramov, D., Chordia, T., & Goyal, A. (2006). The impact of trades on daily volatility. Review of Financial Studies, 19(4), 1241–1277. https://doi.org/10.1093/rfs/hhj027
Brooks, L., & Lutz, B. (2016). From today’s city to tomorrow’s city: an empirical investigation of urban land assembly. American Economic Journal: Economic Policy, 8(3), 69–105. https://doi.org/10.1257/pol.20130399
Buchanan, J. M., & Yoon, Y. J. (2000). Symmetric tragedies: commons and anticommons. Journal of Law and Economics, 43, 1–14. https://doi.org/10.1086/467445
Chapman, J. I., Johnston, R. J., & Tyrrell, T. J. (2009). Implications of a land value tax with error in assessed values. Land Economics, 85(4), 576–586. https://doi.org/10.3368/le.85.4.576
Coase, R. H. (1960). The problem of social cost. Journal of Law and Economics, 3, 1–44. https://doi.org/10.1086/466560
Colwell, P. F., & Munneke, H. J. (1999). Land prices and land assembly in the CBD. Journal of Real Estate Finance and Economics, 18(2), 163–180. https://doi.org/10.1023/A:1007714624700
Colwell, P. F., & Sirmans, C. F. (1978). Area, time, centrality and the value of urban land. Land Economics, 54(4), 514–519. https://doi.org/10.2307/3146175
Commission of the European Communities. (1990). Green paper on the urban environment. European Commission.
Delaney, C. J., & Smith, M. T. (1989). Impact fees and the price of new housing: an empirical study. Real Estate Economics, 17(1), 41–54. https://doi.org/10.1111/1540-6229.00472
Eckart, W. (1985). On the land assembly problem. Journal of Urban Economics, 18(3), 364–378. https://doi.org/10.1016/0094-1190(85)90009-9
Field, A. J. (1992). Uncontrolled land development and the duration of the depression in the United States. Journal of Economic History, 52(4), 785–805. https://doi.org/10.1017/S0022050700011906
Fu, Y., McMillen, D. P., & Somerville, T. (2002). Land assembly: measuring holdup (Working paper). Center for Urban Economics and Real Estate, University of British Columbia.
Gabbe, C. J. (2018). How do developers respond to land use regulations? An analysis of new housing in Los Angeles. Housing Policy Debate, 28(3), 411–427. https://doi.org/10.1080/10511482.2017.1368031
Geltner, D., MacGregor, B. D., & Schwann, G. M. (2003). Appraisal smoothing and price discovery in real estate markets. Urban Studies, 40(5–6), 1047–1064. https://doi.org/10.1080/0042098032000074317
Geltner, D., Miller, N. G., Clayton, D. J., & Eichholtz, P. (2001). Commercial real estate analysis and investments. South-Western.
Glaeser, E., Gyourko, J., & Saks, R. (2005). Why is Manhattan so expensive? Regulation and the rise in housing prices. Journal of Law and Economics, 48(2), 331–369. https://doi.org/10.1086/429979
Grossman, S. J., & Hart, O. D. (1980). Takeover bids, the free-rider problem, and the theory of the corporation. Bell Journal of Economics, 11(1), 42–64. https://doi.org/10.2307/3003400
Heller, M. A. (1998). The tragedy of the anticommons: property in the transition from Marx to markets. Harvard Law Review, 111, 621–688. https://doi.org/10.2307/1342203
Hur, S. (2012). A study on the planning of urban-housing by the Parcel-Union in urban space structure that small parcel district [Master’s thesis]. Konkuk University. https://academic.naver.com/article.naver?doc_id=80351146
Isaac, R. M., Kitchens, C., & Portillo, J. E. (2016). Can buyer “mobility” reduce aggregation failures in land-assembly? Journal of Urban Economics, 95, 16–30. https://doi.org/10.1016/j.jue.2016.06.001
Isakson, H. (2013). Plottage revisited. Journal of Real Estate Practice and Education, 16, 83–92. https://doi.org/10.1080/10835547.2013.12091719
Kim, M. (2020). Upzoning and value capture: how US local governments use land use regulation power to create and capture value from real estate developments. Land Use Policy, 95, 104624. https://doi.org/10.1016/j.landusepol.2020.104624
Kim, S. H. (2013). Changes in urban planning policies and urban morphologies in Seoul, 1960s to 2000s. Architectural Research, 15(3), 133–141. https://doi.org/10.5659/AIKAR.2013.15.3.133
Lai, T.-Y., & Wang, K. (1998). Appraisal smoothing: the other side of the story. Real Estate Economics, 26(3), 511–535. https://doi.org/10.1111/1540-6229.00755
Lee, J. (2009). The change of urban fabric in Hwayang-dong residential area, Seoul [Master’s thesis]. University of Seoul. https://academic.naver.com/article.naver?doc_id=79571641
Lee, T. (1987). Land readjustments in Seoul: case study on Gaepo Project. Third World Planning Review, 9(3), 211. https://doi.org/10.3828/twpr.9.3.h744443841t36h33
Lee, Y. J., & Shin, S. W. (2021). The influences of urban land assembly on small-scale real estate development period—the development cases of Gwangjin District. Korea Real Estate Institute, 31(3), 45–66. https://doi.org/10.35136/krer.31.3.3
Lin, T.-C. (2005). Land assembly in a fragmented land market through land readjustment. Land Use Policy, 22(2), 95–102. https://doi.org/10.1016/j.landusepol.2003.02.002
Lin, T.-C., & Evans, A. W. (2000). The relationship between the price of land and size of plot when plots are small. Land Economics, 76(3), 386. https://doi.org/10.2307/3147036
Lindenthal, T., Eichholtz, P., & Geltner, D. (2017). Land assembly in Amsterdam, 1832–2015. Regional Science and Urban Economics, 64, 57–67. https://doi.org/10.1016/j.regsciurbeco.2017.01.003
Louw, E. (2008). Land assembly for urban transformation–the case of’s-Hertogenbosch in the Netherlands. Land Use Policy, 25(1), 69–80. https://doi.org/10.1016/j.landusepol.2006.09.002
Lum, S. K., Sim, L. L., & Malone-Lee, L. C. (2004). Market-led policy measures for urban redevelopment in Singapore. Land Use Policy, 21(1), 1–19. https://doi.org/10.1016/S0264-8377(03)00046-2
Masser, I. (1984). Learning from the Japanese (land management). Town and Country Planning, 53, 16–17.
Menezes, F., & Pitchford, R. (2004). The land assembly problem revisited. Regional Science and Urban Economics, 34(2), 155–162. https://doi.org/10.1016/S0166-0462(03)00041-3
Miceli, T. J., & Sirmans, C. F. (2007). The holdout problem, urban sprawl, and eminent domain. Journal of Housing Economics, 16(3–4), 309–319. https://doi.org/10.1016/j.jhe.2007.06.004
Muchová, Z., & Jusková, K. (2017). Stakeholders’ perception of defragmentation of new plots in a land consolidation project: given the surprisingly different Slovak and Czech approaches. Land Use Policy, 66, 356–363. https://doi.org/10.1016/j.landusepol.2017.05.011
Neutze, M. (1987). The supply of land for a particular use. Urban Studies, 24(5), 379–388. https://doi.org/10.1080/00420988720080601
O’Flaherty, B. (1994). Land assembly and urban renewal. Regional Science and Urban Economics, 24, 287–300. https://doi.org/10.1016/0166-0462(93)02044-4
Petersen, M. A. (2009). Estimating standard errors in finance panel data sets: comparing approaches. Review of Financial Studies, 22(1), 435–480. https://doi.org/10.1093/rfs/hhn053
Poelmans, L., & Van Rompaey, A. (2009). Detecting and modelling spatial patterns of urban sprawl in highly fragmented areas: a case study in the Flanders–Brussels region. Landscape and Urban Planning, 93, 10–19. https://doi.org/10.1016/j.landurbplan.2009.05.018
Potsiou, C., Ioannidis, C., Soile, S., Verykokou, S., Gkeli, M., & Filippakopoulou, M. (2022). A technical tool for urban upgrading: an application for cultural heritage preservation and planning for affordable housing. Land, 11(8), 1197. https://doi.org/10.3390/land11081197
Shoup, D. (2008). Graduated density zoning. Journal of Planning Education and Research, 28, 161–179. https://doi.org/10.1177/0739456X08321734
Sorensen, A. (2000). Conflict, consensus or consent: implications of Japanese land readjustment practice for developing countries. Habitat International, 24(1), 51–73. https://doi.org/10.1016/S0197-3975(99)00029-6
Strange, W. (1995). Information, holdouts, and land assembly. Journal of Urban Economics, 38, 317–332. https://doi.org/10.1006/juec.1995.1036
Tabuchi, T. (1996). Quantity premia in real property markets. Land Economics, 72(2), 206. https://doi.org/10.2307/3146966
Tang, B.-S., & Tang, R. M. H. (1999). Development control, planning incentive and urban redevelopment: evaluation of a two-tier plot ratio system in Hong Kong. Land Use Policy, 16(1), 33–43. https://doi.org/10.1016/S0264-8377(98)00035-0
Tran, D., Vu, H. T., & Goto, D. (2022). Agricultural land consolidation, labor allocation and land productivity: a case study of plot exchange policy in Vietnam. Economic Analysis and Policy, 73, 455–473. https://doi.org/10.1016/j.eap.2021.11.017
Tuli, K. R., Mukherjee, A., & Dekimpe, M. G. (2012). On the value relevance of retailer advertising spending and same-store sales growth. Journal of Retailing, 88(4), 447–461. https://doi.org/10.1016/j.jretai.2012.07.001
Turk, S. S., Tarakci, S., & Gürsoy, N. (2020). A large-scale urban renewal project in a vicious cycle of commons and anticommons: the Fikirtepe case (Istanbul, Turkey). Habitat International, 102, 102209. https://doi.org/10.1016/j.habitatint.2020.102209
van der Krabben, E., & Needham, B. (2008). Land readjustment for value capturing: a new planning tool for urban redevelopment. Town Planning Review, 79(6), 651–672. https://doi.org/10.3828/tpr.79.6.4
Wang, Y., Fan, Y., & Yang, Z. (2022). Challenges, experience, and prospects of urban renewal in high-density cities: a review for Hong Kong. Land, 11(12), 2248. https://doi.org/10.3390/land11122248
Wooldridge, J. (2009). Introductory econometrics. South-Western, Cengage Learning.
Yim, Y., & Lee, C. (2016). Center boundary delimitation in Seoul metropolitan area using census output data. Journal of Korea Planning Association, 91, 109–124. https://doi.org/10.15793/kspr.2016.91..007
Yiu, C. Y., Tang, B. S., Chiang, Y. H., & Choy, L. H. T. (2006). Alternative theories of appraisal bias. Journal of Real Estate Literature, 14(3), 321–344. https://doi.org/10.1080/10835547.2006.12090188
Zhou, J., Li, C., Chu, X., & Luo, C. (2022). Is cultivated land increased by land consolidation sustainably used in mountainous areas? Land, 11(12), 2236. https://doi.org/10.3390/land11122236
Zhu, J. (2012). Development of sustainable urban forms for high-density low-income Asian countries: the case of Vietnam: the institutional hindrance of the commons and anticommons. Cities, 29(2), 77–87. https://doi.org/10.1016/j.cities.2011.08.005