Vacant and poorly maintained homes may soon lose property tax breaks
In an effort to disincentivize the owners of abandoned homes from allowing them to rot and decay further, the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) is firming up plans that would see property tax breaks removed for homes that meet certain criteria.
Kyoto may be first city in Japan to introduce a tax on empty homes
Kyoto City is looking at introducing a special tax on vacant ‘akiya’ homes, in what could become the first akiya tax in Japan.
Commercial landowners will likely receive a tax break in 2022
Both the Komeito political party and the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) are seeking that property taxes for commercial land receive some kind of tax relief next year. The leading Liberal Democratic Party also seems to be in favor of this measure.
13-year home loan tax deduction deadline is November 30
With the deadline to apply for the 13-year home loan income tax deduction coming this November, should buyers rush in to purchase or wait to see if it is extended? This scheme allows homebuyers to deduct a percentage of their home loan balance from their income taxes each year for 10 ~ 13 years (the 3-year extension is the one with the looming deadline).
Annual property taxes won’t increase next year
The government plans to keep annual property taxes (kotei-shisanzei) for the 2021 year at the same level as those in 2020. This means property owners of commercial and residential land that had seen tax valuations increase just prior to the coronavirus, won’t be stuck with a higher tax bill in 2021.
NTA says no to revising rosenka land tax values
Bad news for some as the National Tax Agency (NTA) has decided not to re-adjust rosenka land tax values in light of the pandemic. It seems that land values have not fallen enough to trigger any revision.