In most places around the world, property taxes, which are levied on buildings and land, are administered and collected by local governments for the benefit of those governments. This is also true in Japan, but it’s useful to keep in mind that property tax rules and regulations are determined by the central government.

Individual localities may differ in the way they assess property values or collect taxes, but the principles governing property taxes are uniform throughout the country, and the first thing potential homeowners need to understand is that the assessed value of a property for tax purposes has little to do with the price you paid for it or even the retail market value.

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