First correction of "road price" Land prices fell sharply in three areas of Osaka due to the influence of corona

Land prices have fallen sharply due to the effects of the new coronavirus, so the "road prices," which are the basis for calculating inheritance taxes, have been reduced by 4% in three areas in downtown Osaka.

This is the first time that the line price has been corrected.

The land price is the value per square meter of land facing major roads nationwide, calculated by the National Tax Agency as of January 1, and is the basis for calculating inheritance tax and gift tax.

Since the land price announced in July last year was based on the land price before the spread of the new coronavirus infection, the NTA was considering whether to reduce it while the land price was falling.

Although the amendment was postponed in the announcement in October last year, the NTA has since changed the land prices from January to September in the three areas of Shinsaibashisuji 2-chome, Souemoncho, and Dotonbori 1-chome in Chuo-ku, Osaka. Was confirmed to have fallen by 23%, and decided to reduce it because it met the target of a drop of 20% or more.

Line prices in all three regions have been reduced by 4%, and have been revised from 21.52 million yen to 20.569200 yen at the highest point in Shinsaibashisuji 2-chome.

Between July and September last year, the tax payments for those who inherited land or received land donations in these three areas will be calculated at the new land price.

This is the first time that the route price has been corrected since the system started in 1955.

In addition, there are areas in Nagoya and Osaka where land prices have fallen by more than 15%, and the NTA is considering amending it depending on the future situation.

Expert "Land prices fluctuate due to a sharp decrease in foreign tourists"

Yoshida, a senior researcher at the Nisseikiso Research Institute, who is familiar with the real estate market, said, "The center of Osaka, which was the target of this time, has been visited by many foreign tourists, and hotels and stores have opened one after another. The number of foreign tourists has decreased by 90% due to the influence of the new corona virus, so the swing back has come. "

Regarding the fact that the land price was corrected for the first time, he said, "I was surprised at the decision to revise the land price on the way, but it is reasonable because the land price is falling. I would like to keep an eye on future trends."