Hi all, I have been hearing off and on about this new land tax law, would be grateful if anyone

with knowledge of same could explain what it is and if possible how it functions?

Thanks to all respondents.

If this is in the wrong forum please feel free to move.

A good explanation here, Mainly aimed at undeveloped land, I think there may be some hastily erected houses.

 

http://www.ddproperty.com/en/property-news/2016/11/141397/new-land-and-building-tax-takes-effect-in-2017

1 hour ago, Peterw42 said:

A good explanation here, Mainly aimed at undeveloped land, I think there may be some hastily erected houses.

 

http://www.ddproperty.com/en/property-news/2016/11/141397/new-land-and-building-tax-takes-effect-in-2017

Many thanks Peter42.

"I think there may be some hastily erected houses."

This is very unlikely as it does not apply to houses and land under 50 Million Baht, but for second homes it is set at 0.03 to 0.3%. This does not apply to condos and land of public use.

All in all it should not affect the average home buyer investing less than 50 Million Baht.

31 minutes ago, William C F Pierce said:

"I think there may be some hastily erected houses."

This is very unlikely as it does not apply to houses and land under 50 Million Baht, but for second homes it is set at 0.03 to 0.3%. This does not apply to condos and land of public use.

All in all it should not affect the average home buyer investing less than 50 Million Baht.

This 50m ceiling is being reviewed as a govt survey found that 90% of homes do not exceed 5m in assessed value.

 

 

It always starts low. 

 

There's never been a nation in the world that's managed to keep them low. All governments want and need increasing amounts of money. 

 

For the time being this probably has no effect on you though unless you're spending more than 50m baht.

 

The important thing to note is that the government now has their foot in the door. Expect taxes to rise annually from now on.