More and more Japanese are inheriting land in rural areas and giving it up to the government rather than deal with it and pay its taxes, and the government can’t even sell it. Under a new system they will sell it at discounts starting at 30% off appraised value, gradually climbing to 97% discounts
https://news.jp/i/1439524397714129756?c=39550187727945729
7 Comments
Home Depot model
It’s a good thing for agriculture.
Why don’t the government create an agricultural company with all the land
They should offer a bear discount.
When my wife’s father died last year, the family found out he hadn’t been paying taxes for 4-5 years and so owed millions of yen in back property taxes, a debt which they all inherited.
This on top of owing hundreds of thousands every year for an old house and land in the inaka nobody wanted to live in. So they sold it as fast as they could for whatever they could get, using the money to pay off his old tax debt and more or less getting nothing for a house and land thar had been in their family for well over a century. And actually they lost money because they needed to pay to move the old family tombs on the property to a temple.
Of course, the buyers were Chinese and the neighbors were mad about that, but the system forced them to get rid of it asap or her, her brother, sister, and mom would have just been roped with unpayable debt that was in no way their fault.
They can’t sell knotweed covered, snake filled, mosquito infested land, up a mountain, miles from a road, with no cell coverage, mains water or sewerage? But what about the rapidly disintergrating akiya with no electricity and the half dozen neighbours in their nineties? Who is going to do the volunteer firefighting, and scare away the man eating bears?
Hey Japan, why don’t you let foreigners who want to retire in Japan and buy these do so? (Yes, I’m waiting for comments warning about buy akiyas). It’s impossible to retire in JP and it’s frustrating.