The government on Tuesday laid out measures to realistically raise the declared value of apartment houses.

The plan follows comprehensive real estate measures announced the previous day

Accordingly, the posted price of luxury apartment units will increase to as much as 80 percent of their actual market value, which will raise the tax burden on multiple home owners or those owning expensive homes.

As of this year, the declared price of apartments nationwide was an average 68 percent of their market rate.

The government is set to raise this figure to 70 to 80 percent especially for those sold at over 900 million won.

For instance, a three billion won apartment house is currently declared at two billion won. The government plan will raise this to around two-point-four billion won.

The declared value of a home as appraised by the government serves as the barometer in levying taxes.

A higher declared price mean a heavier tax burden.