The government has provisionally decided to raise official home appraisal prices to 90 percent of the market value.

The Ministry of Land, Infrastructure and Transport and Ministry of the Interior and Safety revealed the decision on Tuesday as they announced their plans to adjust home appraisal prices and lower property taxes.

This will take place gradually over ten years for apartments and other multi-unit dwellings and over 15 years for detached homes.

If that happens, the appraisal value of apartments will climb three-to-four percent a year, while that of detached homes will climb three-to-seven percent a year.

The government has been seeking to raise the official appraisal price of residential property, which is usually lower than the market value, in part due to criticism that owners of expensive homes are not being taxed accurately.

The government also decided to lower property taxes for people who own only one home that is worth less than the government-appraised value of 600 million won by point-zero-five of a percentage point over three years.