What is the property tax reduction for newly built houses?

For newly built houses, if certain requirements are met, up to 120 square meters of the floor area of the part used as a residence is subject to reduction.
The amount to be reduced is a half of the property tax amount pertaining to the residential portion. For general housing, the reduction period is 3 years from the year when property tax is newly imposed (5 years for long-term excellent housing). For housing, etc., the reduction period is for 5 years (7 years for long-term excellent housing).