real estate japan　shiftjapan

Taxpaters

An individual or corporation who has acquired land or buildings by purchase,gift,exchange,or construction(new construction,enlargement of buildings,and remodeling)regardless of whether the acquisition was a paid or gratuitous axquisition,or whether or not it was registered.

Tax Payment

Assessed value of acquired real estate  (tax base amount)

X

Tax rate*2

*1 　 For housing land acquired on or before March 31,2009(H21),the tax base value of the housing land is

the acquisition price*1/2

*2　　The tax rate on real estate acquired between April 1,2003(H15) and March 31,2006(H18) is 3%

The tax rate on housing or land acquired between April 1,2006(H18) and March 31,2009(H21) is 3%

The tax rate on non-housing buildings(e.g. stores,offices) acquired between April 1,2006(H18) and March 31,
2008(H20) is 3.5%

The tax rate on acquisition of buildings other than for residential purposes(shop space,administrative offices,etc)
will be 4% as of April 1,2008(H20)

[Due Date and Tax Payment Procedures]
A Notification of Tax Due statement is sent from the mctropolitan taxation office or branch office.The tax can be
paid at the metropolitan tax or branch office,at financial institutions such as banks,or at the post office.

In addition,the tax can also e paid at convenience stores,financial institutions,and ATMs(indicated with),
see page 68 for details.

Value of Acquired Real Estate

Values of acquired real estate are assessed and determined based on the standard valuation code of fixed assets determined y the Ministry of Pubilic Management,Home Affairs,Posts and Telecommunications,The assessed values are basically equivalent to the registered prices in the fixed assets tax register except for new or enlarged houses.

Therefore,the values refer to nerther purchase prices of real estate nor construction work expenses.

When land and buildings are released and acquired y exchange,the values are equivalent to the registered prices in the fixed assets tax register.

Exemptions

Where the tax base is less than the following amount,real estate acquisition tax is not assessed.

land...................................... ........................................ \100,000
	{	New/expanded/renovated............\230,000
Residence
		Other.................................................\120,000

Notification of the Acquisition of Real Property

Submit notification to the competent metropolitan taxation office(or branch office) or island office of the area where
the land and buildings are located within 30 days from the date of acquisition.Notification is also required for unregistered properties and intermediately omitted registrations.


Issued September2008(H20)
Edited and Issued by：
General Affairs Section, General Affairs Division
Tokyo Metropolitan Government Bureau of Taxation