This study focuses on analyzing the vertical equity of the assessed value for multi-owned commercial properties in Seoul through various methods after understanding the level of the assessment. The gap in the assessment level among properties within one building is widely spread, showing the severe inequity in the assessed value. Neighborhood facilities and shopping malls show regressivity for nearly all of the analysis models except for the Kochin and Parks model in the shopping mall, which tends to show progressivity. Regressivity is observed for the entire model from the first basement level to the eighth floor, whereas for the second basement level, consistent progressivity is found across the entire model, except for the Gini model. In addition to progressivity in the Gini model for the elevator, escalator, and basic-style store, the entire property characteristics of the commercial properties show regressivity all the way through. This research has implications in improving the current estimation system of the assessed value for multi-owned commercial properties by considering horizontal property characteristics or adjusting the factor of floor to be the actual level of price between floors.

Unlike residential properties which are recently decreasing in transaction due to high interest rates, multi-owned retail properties have gradually increasing in transaction. With the expansion of transaction, issues for property tax such as equity of taxpayers are also raised. The assessed values of multi-owned retail properties are divided into land and building. The current base value, an assessed value of buildings, does not reflect a market value of partitioned buildings such as multi-owned retail properties largely affected by horizontal and vertical usefulness for fixing a price of real-estates. Since the assessed value is based on market value, the analysis of value influencing factors for market prices can be utilized as an alternative of market value to improve the estimation of assessed values. As a result, the value of the multi-owned retail properties is significantly influenced by characteristics of individual property such as exclusive possession area, escalator, main exit, corner store and locational characteristics including floor total building area, building age and individual public land prices. In the case of the vertical usefulness which is not considered as a factor to fix the current base value, it is expected to alleviate inequity of payers for the tax of multi-owned retail properties.

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