The official values of land and single-family houses in the country will drop by about six percent next year from a year earlier, the first fall since 2009.

The government appraisals of detached single-family houses are set to fall by five-point-95 percent on-year next year, while official land prices will drop five-point-92 percent.

The Ministry of Land, Infrastructure and Transport said on Wednesday that ​it will receive opinions from owners until January 2 and release the final prices on January 25.

The government had continually raised the official value of real estate to correspond to market prices, but the decision was made last month to lower the rate to 2020 levels in a bid to reduce tax burdens on owners of homes and property amid a slump in the real estate market.

These officially appraised values of real estate serve as key criteria for taxation including property tax, comprehensive real estate holding tax, health insurance premiums and national pensions.

The lowered official value is expected to lower the burden of property holding tax.