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What is “declared land value”?

A:According to "Equalization of Land Rights Act" the values of the lands shall be assessed. The land value shall be reassessed once every two years after its initial assessment or reassessment. The reassessment of land value can be postponed if necessary. The procedure for the assessment or reassessment of land value by the competent authorities of Special Municipality or County / City shall be as follows: 1.Investigate the transaction prices and income values of lands occurring in the last 12 months by sections. 2.Demarcate land value sections and evaluate section values according to the investigation, then transmit the result to the Land Value Evaluation Committee for finalization. 3.Calculate the land value of each plot. 4.Publicly announce the land values for 30 days for the landowners to declare the values of their lands. 5.Compile land value rolls and general registers of landowners in accordance with the declared land values. A land value tax based on the declared land value shall be levied in the area where the land value has been assessed.