The government and the ruling party decided on the "Fiscal Year 2024 Tax Reform Outline" on the 14th.
Regarding housing loan tax deductions, the planned reduction of borrowing limits for newly built homes from 2024 onwards will be limited to child-rearing households and young couples, maintaining borrowing limits and floor area requirements (40 square meters). Borrowing limits for newly built homes and resale purchases are set at 50 million yen for long-term excellent homes and low-carbon homes, 45 million yen for ZEH-level energy-saving homes, and 40 million yen for energy-efficient standard-compliant homes.
For fixed property taxes related to land, the current tax burden adjustment measures and the ordinance reduction system allowing municipalities to reduce certain tax burdens will be extended for three years (April 1, 2024, to March 31, 2027). Special measures for real estate acquisition tax related to land will also be extended for three years (same period).
The tax exemption measures for gift taxes related to funds for housing acquisition will be extended for three years (January 1, 2024, to December 31, 2026). The special deduction for income tax amounts related to the construction of certified homes will be extended for two years (January 1, 2024, to December 31, 2025). Additionally, the property tax reduction measures for newly built homes will be extended for two years (April 1, 2024, to March 31, 2026). Special measures to promote the spread of energy-efficient homes, including special exemptions for registration and license taxes for three years (April 1, 2024, to March 31, 2027), and for real estate acquisition taxes and fixed property taxes for two years (April 1, 2024, to March 31, 2026) will be extended.
In addition, special measures for income tax and property tax related to the purchase of residential properties, special measures for registration and license taxes related to the acquisition of homes handled in resale transactions, special measures for income tax related to the renovation of existing homes, and special measures for fixed property taxes related to seismic strengthening, barrier-free, energy-efficient, and long-term excellent home renovations of existing homes will also have their respective application periods extended.
Reprinted from: Real Estate Distribution Research Institute Co., Ltd. “R.E.port”
- The copyright of the document belongs to the source, Real Estate Distribution Research Institute Co., Ltd.
・Please note that Minami Aoyama Real Estate and Real Estate Distribution Research Institute Co., Ltd. will not be held responsible for any civil liability even if the user incurs any damage during use.
・The content of the news may be revised. Please check the original article by Real Estate Distribution Research Institute Co., Ltd. for the latest information.
List of Contents