Historical post-WWII housing stock in Japan was for the most part pretty... bad. Not the kind of thing you’d want to keep around. Also construction standards f

Historical post-WWII housing stock in Japan was for the most part pretty... bad. Not the kind of thing you’d want to keep around. Also construction standards for earthquake resistance changed (iirc in the late 90’s) so values even for rentals fall off a bit of a cliff for older houses. Modern housing is a lot better though so habits may change. Not sure what you mean about land tax though. If anything being taxed annually on land holdings should drive the value of land down. I’ve even heard of people trying to give away land in rural areas to escape land taxes.