The value of land declared by its owner according to this Act shall be the statutory value of such land.

The declaration of the value of land shall be carried out by the Special Municipal or County (City) Land Administration Agency according to the following procedure:
(1)Investigation and assessment of the standard values of lands.
(2)Declaration of the values of lands by their owners.
(3)Compilation of land value rolls.

To serve as the basis for the assessment of the standard land value, an investigation by sampling shall be made of the market values or income values of land prevailing during the last two years. The number of plots of land to be investigated by sampling may vary with the number of categories of land involved and with the greater or lesser differences in the values of the plots under investigation.

On the basis of the results obtained from the investigation made according to the provisions of the preceding Article, different grades of land values shall be fixed by grouping together plots of land whose values approximate to one another and whose location is mutually adjacent or which belong to the same category; and under each of these grades the average or the median of the market values or income values of those plots of land which are investigated by sampling shall be taken as the average land value of that grade.

The average land value of each land value grade shall be publicly announced as the standard land value of that grade by the competent Special Municipal or County (City) Government upon the request of the competent Special Municipal or County (City) Land Administration Agency.

The public announcement of the standard land values shall be made district by district, before the general registration of land begins.

If any landowner considers the standard land value to be incorrectly assessed, he may, with the concurrence of the majority of the owners of lands of the same land value grade in the same district, raise objections thereto with the competent Special Municipal or County (City) Government within thirty days after the announcement of the said standard land value.
On receiving the objections raised according to the provisions of the preceding paragraph, the Special Municipal or County (City) Government shall immediately refer them to the Committee on Standard Land Values for consideration.

Rules governing the organization of the Committee on Standard Land Values shall be formulated by the Central Land Administration.
The Committee referred to in the preceding paragraph shall include members representing the local assembly.

On applying for the registration of landownership, the landowner shall simultaneously declare the value of his land, which may not be more than 20 per cent either above or below the standard land value.

If any landowner considers the standard land value to be too high and declines to declare the value of his land according to the provisions of the preceding Article, he may request the competent Special Municipal or County (City) Government to purchase his land at the said standard land value.

If, on applying for the registration of landownership, any landowner fails to declare the value of his land simultaneously, the standard land value shall be taken as the statutory value of his land.

When the declaration of land values is completed in any Special Municipality or County (City), land value rolls and general registers of landowners shall be compiled and transmitted to the competent financial authorities of the Special Municipality or County (City).

The value of land may be re-assessed after the lapse of five full years since its declaration, or after the lapse of one full year since its declaration if the land value fluctuates by more than 50 per cent either above or below the standard land value; and the provisions of Articles 150 to 152 inclusive and of Article 154 to 156 inclusive shall apply in such re-assessment.

The value of constructional improvements shall be assessed by the competent Special Municipal or County (City) Land Administration Agency at the time when the value of land is assessed.

The value of constructional improvements shall be assessed on the basis of the expenses required for the construction, at the time of assessment, of the same improvements, minus the depreciation caused by the lapse of time.

In the re-assessment of the value of the original constructional improvements, additional improvements made thereto shall be considered as part of the original improvements, but repairs made for the maintenance of the original improvements in a sound condition shall not be regarded as additional improvements.

The assessed value of improvements shall be submitted by the Special Municipal or County (City) Land Administration Agency to the Committee on Standard Land Values for confirmation. The values confirmed by the said Committee shall be reported to the competent Special Municipal or County (City) Government to be publicly announced as the statutory values of such improvements, and the owners of such improvements shall be individually notified in writing of the respective statutory values by the Special Municipal or County (City) Land Administration Agency.

If any recipient of the notification made according to the preceding Article takes exception to the value confirmed, he may, within thirty days after the receipt of such notification, request the Committee on Standard Land Values to make a re-assessment.

The value of constructional improvements may be re-assessed when the value of land is re-assessed.