Tax on new build
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Tax on new build
What taxes are due on a new build house? Are they all payable on receipt of the property or do some come later?
English teacher and writer. RetireJapan founder. Avid reader.
eMaxis Slim Shady
eMaxis Slim Shady
Re: Tax on new build
I asked my wife, who is a real estate professional.
If you read Japanese this page is good. It describes the four kinds of taxes you pay when you take ownership.
http://www.fudousan.or.jp/tools/tax/buy01.html
In English they are:
1. Stamp duty, for the documents
2. Consumption tax. This is the usual sales tax.
3. Registration license tax
4. Real estate acquisition tax. I guess this is analogous to what we call "land transfer tax" in Canada (and possibly elsewhere in the Anglosphere)
These are the taxes you pay up front. After that, you pay the usual yearly property tax - 固定資産税.
I doubt any of this differs in the case of resale vs. new build.
If you read Japanese this page is good. It describes the four kinds of taxes you pay when you take ownership.
http://www.fudousan.or.jp/tools/tax/buy01.html
In English they are:
1. Stamp duty, for the documents
2. Consumption tax. This is the usual sales tax.
3. Registration license tax
4. Real estate acquisition tax. I guess this is analogous to what we call "land transfer tax" in Canada (and possibly elsewhere in the Anglosphere)
These are the taxes you pay up front. After that, you pay the usual yearly property tax - 固定資産税.
I doubt any of this differs in the case of resale vs. new build.