The Finance Ministry approved new property and building tax rates and increased the tax ceiling for residential owners to reduce the tax burden and corresponding public pressure, reports the Bangkok Post.
The new reported property tax rates in the draft bill are 0.1 percent for residential homeowners, 0.5 percent for agricultural land, 0.2 percent for commercial land, and 0.5 percent for vacant or un-utilized land.
The Thailand real estate attorneys at Chaninat and Leeds specialize in assisting clients with Thailand land purchase laws and real estate transactions.
The ministry also approved tax exemptions for homes appraised below 1.5 million baht, as well as depreciation deductions.
According to Thai PBS, the proposed exemption will also “take into account properties owned by temples, foundations, the Royal Household and private properties that have been utilized for public use such as in the case where roads have been constructed over parts of private property for public utility” to “ensure minimum effects on lower income households.”
Read the full story here and here.
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