Upon receipt of notice from the court or the branch of the Administrative Enforcement Agency regarding the finalization of an auction or the undertaking of a price amount, the competent taxation authority shall determine and verify the land value increment tax payable within seven days and shall prepare a land value increment tax payment notice indicating an auction in writing and submit said notice to the court or the branch of the Administrative Enforcement Agency to collect the tax payment on its behalf and shall verify the overdue land tax amount on said land for the participation in distribution.