Official Property Value Taxation Report

[RonnieWood]

I am planning to apply for a Non-Immigrant B visa on the basis that I am the owner of a condo. However, I need a recent official value taxation that the value is more than THB 3M. Who in Thailand are qualified/authorised to execute such taxations? Estate agents? Lawyers? Anyone know one in Hua Hin? Thanks!

[timendres]

Do you get a tax bill for the condo? If so, then it would seem that the tax bill would state the valuation that the tax is based on. Barring that, I assume your original purchase price was lower than the 3M you look to demonstrate?

[bigginhill]

16 hours ago, timendres said:

Do you get a tax bill for the condo? If so, then it would seem that the tax bill would state the valuation that the tax is based on. Barring that, I assume your original purchase price was lower than the 3M you look to demonstrate?

Is tax due only on when receiving income from rentals?

[BangkokAlan]

This year owners had to pay property tax in Thailand for units they own and should have received the notice which showed the government valuation. For my unit even though i may have paid 3m the governments assessment was 20-30% below this on all my units. You can get an assessment from local tax office where your condo is based. Alternatively when you bought it you had to transfer funds from overseas and required a document from the bank called Tor Tor 3 to be able to transfer the property into your name. This shows that you transferred money into Thailand for the purpose of buying property and shows the amount in original currency, the exchange rate and Thai baht equivalent value.

 

Perhaps the TT3 could be used, alternatively get a property tax assessment from your tax office a property agent may help you get this for a small fee. 

[bigginhill]

1 hour ago, BangkokAlan said:

This year owners had to pay property tax in Thailand for units they own and should have received the notice which showed the government valuation. For my unit even though i may have paid 3m the governments assessment was 20-30% below this on all my units. You can get an assessment from local tax office where your condo is based. Alternatively when you bought it you had to transfer funds from overseas and required a document from the bank called Tor Tor 3 to be able to transfer the property into your name. This shows that you transferred money into Thailand for the purpose of buying property and shows the amount in original currency, the exchange rate and Thai baht equivalent value.

 

Perhaps the TT3 could be used, alternatively get a property tax assessment from your tax office a property agent may help you get this for a small fee. 

 

I have read  that there are exemptions for properties valued less than 10m, and residential properties. 

 

Tax exemptions

Property owners can be exempted from the land and building tax if they fall under the following categories:

• Agricultural land worth up to 50 million baht (US$1.5 million);
• Land or building used for residential purposes and is worth up to 50 million baht (US$1.5 million) (the owner’s name should be on the deed of the property);
• The building is used for residential purposes and is worth up to 10 million baht (US$318,000) (the owner’s name should be on the deed of the property); and
• Individual owners of agricultural properties – they will be exempt from land and property tax for the tax period 2020-2023.

https://www.aseanbriefing.com/news/thailands-new-land-building-tax-act/#:~:text=In March 2019%2C the Thai,pay land and building tax.

 

Does anyone have different info? 

Thanks

[bigginhill]

The link below, under exemptions, confirms the need for registration of the owner at the address for the exemption

https://www.mahanakornpartners.com/overview-of-the-thailand-land-and-building-tax-act-b-e-2562/

 

 

[chilly07]

Very confusing! Before you got taxed on properties that were not your primary residence so Thais registered additional properties in sons/daughters/relatives names. Virtually no tax collected. Now you can own up to 50m worth of property or 10m each property and not pay tax so  virtually no tax collected, properties get registered back into actual owners names. To encourage this even greater discounts offered so people pay rather than claim exemption. Virtually no tax collected Then in future years exemptions reduce rapidly until everyone is paying land tax because "you didn't claim exemption last year" Result enormous increases in local tax income to mispend on dubious "projects". Classic stealth tax!

[jomtienisgood]

On 12/31/2020 at 9:29 PM, bigginhill said:

The link below, under exemptions, confirms the need for registration of the owner at the address for the exemption

https://www.mahanakornpartners.com/overview-of-the-thailand-land-and-building-tax-act-b-e-2562/

 

 

That is also my understanding. One can only be registered in the blue book if being Th or PR.. As far as I am aware and you can have only 1 main residence....