The Japanese Journal of Real Estate Sciences

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This paper examined and compared the situation of and problems with professional practices for fixed assets valuation and assessor education between North America (the United States and Canada) and Japan. Because professional practices for tax assessment were completed within each municipality in North America, external experts did not have many opportunities to participate. Moreover, external professional education institutions and universities undertook the education of assessors who were in charge of these professional practices. As a result, the costs of professional practices for tax assessment and assessor education and training were kept low. In Japan, there was no foundation through which to foster experts within each municipality, so many professional practices were outsourced; consequently, these practices became ineffective and unstable. Therefore, Japan can refer to the North American practice of the completion of professional practices for tax assessment within each municipality, as well as the fostering of experts through external organizations.

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We present the optimal tax reform about the property tax on land and housing in Japan. Since the property tax on housing, building and equipment becomes the obstacle to the capital formation on land, it should be abolished. On the other hand, the eff ective rate of property tax on land should be raised in order to attain the revenue neutrality for local government. The abolition of tax on housing induces the higher land price which can bear the increase in the property tax on land, so that such a tax reform would make everyone better off.

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As a case study of around the Shibuya station, the multiple regression analysis of housing, office and commercial rent was examined with building and location measures including visibility and integration value by space syntax theory as candidate factor variables. After the factor variables were adopted by t-test, we compared and considered the multiple regression models of housing, office and commercial use, using the factor ranking by t-value. The result showed integration value of space syntax measures were adopted in all models, although the ranking was different in each models.

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This paper shows the effect of a series of system revisions of judicial real estate auction in the 2000s on three factor; bid acceptance ratio, number of bidders and highest bid. Using multi-year data of auctions from multiple district courts, I estimate the improvement of the three factors by the revision. Furthermore, comparing real estate auction data with voluntary sale and general real estate trading data, I find that the selling price in auction was greatly lower than the price in voluntary sale even after the system revisions. Based on the empirical results, I suggest about necessity of further system revisions.

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