The government's appraised value of apartments nationwide are set to jump by double-digits this year - at an average exceeding 19 percent - marking the steepest hike in 14 years.  

The Land Ministry announced on Monday that it will open its price increase plan to the public starting Tuesday and collect opinions from homeowners until April 5, before finalizing them by April 29.

The ministry said - while the latest adjustments were made in line with a government roadmap to raise state-assessed prices to 90 percent of market value by 2030 - the surge mostly reflects market prices that have soared over the past year.

The average 19-point-08-percent increase is a big jump compared to past annual adjustments, which steadily rose from four-point-44 percent in 2017 to five-point-98 percent in 2020. 

Due to the raised appraised values, an additional 215-thousand homes priced over 900 million won nationwide that belong to single unit owners will be subject to comprehensive taxes this year. 

Apartments in the central administrative city of Sejong are set to see the biggest spike in their tax burden at 70-point-68 percent year-over-year, followed by 23-point-96 percent in Gyeonggi Province, 20-point-57 percent in the central city of Daejeon, and 19-point-91 percent in Seoul.