The "Survey on Current Value Multipliers for Price Revision of National Property Register (FY2024)" published by the Ministry of Finance in January 2025 calculates the current value multipliers necessary for revising register prices of national property based on the National Property Act Enforcement Order.
Key Points
Purpose and Overview of the Survey
- Based on Article 23 of the National Property Act Enforcement Order, register prices of national property are revised at the end of each fiscal year (as of March 31)
- Creation of current value multipliers to convert register prices as of March 31, 2024 to current values as of March 31, 2025
- Survey period: October 1, 2024 to January 28, 2025
- Survey implementing organization: Japan Real Estate Institute
Survey Targets and Creation Units
- Residential land: Tokyo special wards and ordinance-designated cities subdivided by use zones and designated floor area ratios, other municipalities classified by residential, commercial, and industrial areas (1,741 municipalities)
- Agricultural land: Classified into rice fields and fields, created for each of 47 prefectures
- Forest land: Classified into timber forest land and fuelwood forest land, created for each of 47 prefectures
- Wasteland and miscellaneous land: Classified into wasteland and miscellaneous land, created for each of 47 prefectures
- Standing timber, easements, mining rights: Creation of nationwide uniform indices
Current Status of National Property (According to Financial Statistics Monthly Report)
- Land area: "Administrative property and forest management property of general account" accounts for approximately 97%
- Price: "Administrative property and public property of general account" accounts for approximately 55%, "Ordinary property of general account" accounts for approximately 26%
- By administrative jurisdiction: Ministry of Agriculture, Forestry and Fisheries Forestry Agency has the largest land area, Ministry of Defense has the largest price
- By gratuitous lending purpose: Parks are the largest in both area and price, followed by green space
Survey Methods and Materials Used
- Utilization of official land prices and prefectural land survey prices from land price publication and prefectural land price surveys
- Utilization of public evaluation systems such as inheritance tax road prices and fixed asset tax road prices
- Use of paddy field prices and rent surveys for agricultural land, forest land base and standing timber price surveys for forest land
- Use of urban land price indices and land price LOOK reports as predictive reference materials
Special Notes
- Due to the impact of the Great East Japan Earthquake, the current value multiplier for Okuma Town and Futaba Town in difficult-to-return zones is "0000 (zero)"
- Current value is basically market price, general transaction price recognized as appropriate by sellers and buyers
- When not utilizing public evaluation systems, reasons must be clearly stated
- When using independent surveys or other materials, survey methods and reliability must be clarified
The article shows the implementation status of systematic current value multiplier surveys utilizing various public evaluation systems for appropriate price evaluation of national property.