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What is “announced current land value”?

A: According to "Equalization of Land Rights Act", the Special Municipal Government or the County / City Government shall make regular investigation, by section, land categories and land grades, of changes in land value and of the market values of lands under their respective jurisdiction and shall once a year compile a table of publicly announced current land values for submission to the Land Evaluation Committee for assessment. The results of the assessment made by the said Committee shall be publicly announced on January 1 of each year to serve as a reference for the competent authorities to examine declared current values of lands at the time of changes in land rights and for the base of compensation for land compulsorily purchased. Whenever the ownership of any land is transferred or a right of dien is created over land, the obligee and the obligor shall apply for registration of change in land rights or for registration of the creation of a right of dien, they shall declare the current transaction value of the land.