Supplementary Provisions, Article 21Reduction of Fixed Assets Tax for Each Fiscal Year from Fiscal Year 2024 through Fiscal Year 2026 on Commercial Land, etc.

A municipality may, only for fixed assets tax for each fiscal year from fiscal year 2024 through fiscal year 2026, where the fixed assets tax amount for that fiscal year for commercial land, etc. (where that commercial land, etc. is commercial land, etc. subject to the application of Article 18 of the Supplementary Provisions for fixed assets tax for that fiscal year, the adjusted fixed assets tax amount for building land, etc., the frozen fixed assets tax amount for commercial land, etc. or the adjusted fixed assets tax amount for commercial land, etc. for that fiscal year; the same applies hereinafter in this Article) exceeds the fixed assets tax amount calculated by taking, as the amount to be the tax base for fixed assets tax for that fiscal year for that commercial land, etc., the amount obtained by multiplying the price that is to be the tax base for fixed assets tax for that fiscal year for that commercial land, etc. by a ratio determined by the Municipal Ordinance of the municipality within the range of not less than six-tenths and less than seven-tenths (where that commercial land, etc. is commercial land, etc. subject to the application of Article 349-3 or Articles 15 through 15-3 of the Supplementary Provisions for fixed assets tax for that fiscal year, the amount obtained by multiplying that amount by the rates prescribed in those provisions), reduce an amount equivalent to the amount of that excess from the fixed assets tax amount for that commercial land, etc.