The publicly declared value of housing units nationwide fell an average of 18-point-six percent this year, marking the largest ever decline.

Chairing a meeting of real estate-related Cabinet ministers on Wednesday, finance minister Choo Kyung-ho said that in light of the decline, real estate holding taxes are expected to be much lower than last year as well as 2020 levels.

The government has stressed the latest figures show President Yoon Suk Yeol's campaign pledge to ease the holding tax burden has been realized.

In fact, property taxes and comprehensive real estate holding taxes for households owning one house, which are based on the publicly appraised value of real estate, will go down by more than 20 percent. 

The land ministry on Wednesday disclosed the declared value of 14-point-86 million apartment houses nationwide and said it will gather opinions from homeowners through April 11.

The 18-point-six-percent drop in the posted real estate value marks the first on-year decline in ten years and is the largest decrease since the price disclosure system was introduced in 2005.