Fixed-asset tax 固定資産税(kotei shisan zei)

Fixed-asset tax is charged by the city or town to whoever owns the property on 1 January. The standard rate is 1.4% of the assessed value (which is usually well below market value), and assessments are revised every three years. Bills are typically sent in spring and can be paid in four instalments or at once.

Land with a home on it gets a large reduction under the residential land exception. Very low-value property can fall below the tax-free thresholds (¥300,000 for land, ¥200,000 for buildings).