What is fixed asset revaluation?

As a general rule, the appraised value of land and houses is revalued once every three years, and the current price on the date of assessment (January 1) is registered in the property tax ledger. In the 2nd and 3rd years, the price of the base year will remain unchanged without a new evaluation. However, in the 2nd and 3rd years, (1) land or houses newly subject to property tax, (2) land classification changes, house extensions and renovations, etc., may be based on the price of the base year. About land which is not suitable or house, we evaluate newly and decide price.