Land appraisal prices in Thailand to be raised in 2023

[webfact]

 

After a 12-month delay, the Thai Treasury Department will put into force a new national land appraisal price list for 2023-2026 on January 1st 2023. It will see the appraisal price for land in Bangkok rise by about 3% and in other provinces by an average of 8%.

 

Treasury Department Director-General Prapas Kong-ied hinted that some prices for next year will not be further adjusted unless there are significant changes in some land plots during the four-year period of the validity of the new land appraisal price list.

 

For instance, he said that the department’s appraisal price for land in the Siam Square shopping district is about 1 million baht per 4m2 (square “wah”), whereas the market price is about 3.5 million baht, in which case new pricing will have to be issued, in consultation with the Bangkok Metropolitan Administration, which is responsible for the collection of land tax in Bangkok.

 

Full story: https://www.thaipbsworld.com/land-appraisal-prices-in-thailand-to-be-raised-in-2023/

 

-- © Copyright Thai PBS 2022-06-29

 

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[ThailandRyan]

They better create a true type of appraisal format for all properties, and create a Real-estate Appraisal division.  If they did this then prices all across the country would come into a standard cost, and not the 3 to 5 million baht difference seen from one unit to the next in condos which are the same Sqm, or the Houses in a Moo Ban where there is a dispirit price between the same type and Sqm houses.  Many will say supply and demand are the reason, and many would be wrong, it is called perceived amounts they are greedily looking at.  How else could houses that have been built sit empty for a few years, the same for the Condos.........

[Guderian]

Which presumably means that property taxes, both the transfer tax when selling or buying a property and the annual stipend demanded by the local council (though only recently in many parts of Pattaya) will both increase by 8% as well? So much for the supposed 5% Thai inflation rate.

[Sydebolle]

Years ago they appraised a plot of land in Nong Khai some three times over the actual price which I was interested to buy. The seller was forced to sell it for unknown reasons and we agreed that I pay for the transfer tax. 
The deal did not materialize as there was no reasoning with the land department - very much to the surprise of everyone present. It was not a matter of bakshish, they just appraised value based on the line-up of stars or something similar. 
The bank eventually, which had financed the property of the seller, took over the property, the seller lost some money and the land got sold for a fraction of the assessment they wanted from me. 

[mikebell]

Does this apply to land 'owned' 100% by farangs?  (I hear the sound of laughter from Malaysia!)

[Harveyboy]

On 6/29/2022 at 9:11 AM, Guderian said:

Which presumably means that property taxes, both the transfer tax when selling or buying a property and the annual stipend demanded by the local council (though only recently in many parts of Pattaya) will both increase by 8% as well? So much for the supposed 5% Thai inflation rate.

put up the transfer tax it will kill it .. it's to expensive now Soon cost more to sell it than what its worth ...