1.WHAT IS THE REAL ESTATE ACQUISITION TAX?
Real estate acquisition tax is the tax imposed on those who have acquired land and/or a house located in Japan through trading, exchange, gift, new construction, expansion, renovation, etc.
2.WHO IS THE TAXPAYER?
Individual or corporation that acquired real estate
3.HOW MUCH TAX DO YOU HAVE TO PAY?
The formula for calculating acquisition real estate tax is Assessed value of fixed assets×3%
・Assessed value of fixed assets is the registered value in municipal fixed asset tax rolls, not the purchased value you really paid.
・If acquisition of housing and land is carried out before March 31, 2018, then Assessed value of fixed assets is half the registered price
・If it is acquired from April 1.2008 to March 31.2018, the tax rate is 3% for land and a residential house and 4% for a non-residential house.
However, if you meet certain conditions, you will not need to pay it.
4.WHEN IS THE DEADLINE TO PAY THE TAX?
In Osaka Prefectural Government case, you have to submit “Notification of Acquisition of Real Estate” within 20 days from the date of acquisition of real estate.
Then, they will send a tax notice to you. On the tax notice, they show you a specified date.
Please feel free to ask anything if you have any further questions or problems regarding real estate property.
Solicitor Hitoshi Oishi （司法書士・行政書士 大石人士）