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BANGKOK 20 May 2019 11:32
AMichigan

Do I need to pay Property Tax each year after I build new home ?

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Hi,

We plan to build a new home in Thailand for our family when visit my parents and for them to live comfortably. I'm a Thai citizenship but Living in US. From my understanding before, no property tax needs to be paid yearly for the land and home. But how about the current law? Has anyone had those information ? Thank you very much.

 

AJ

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Not a factor if owners primary residence and value less than 50 million baht under new law AFAIK. 

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The first piece of land you own here is tax exempt if it is your main residence.  If you own more land you pay tax on it.

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The requirement is owners name in home registration book.  Exemption is 50 million for home/land or 10 million for home only (rented land).  This starts in year 2020 as there has not been any such tax previously.  So tax will not effect most people at all for actual home.

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I have four and a half rai of land with several buildings, the tax I pay has been under 50 baht a year for the last five years

 

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20 hours ago, AMichigan said:

...no property tax needs to be paid yearly for the land and home

There use to be a (very) small annual tax to be paid on land. Sometimes its frozen and paid only when land is transferred.

 

Property tax, as known from many countries, have been suggested, but yet not finalized and imposed. The recent talk I've seen was about...

Quote

Residential land and houses worth up to 50 million baht will pay a 0.02 percent annual tax on the property’s value, an equivalent of 200 baht per every 1 million baht. Homes and land worth 50 million to 75 million baht will be taxed 0.03 percent. If worth 75 to 100 million baht, the annual rate will be 0.05 percent. If more than 100 million baht, the annual tax rate increases to 0.1 percent.

Primary residences worth no more than 50 million baht will be exempt. If owners own only a building, tax will be exempt if the estimated price is not over 10 million baht.

Source: NEW PROPERTY TAX RATES PASSED BY THAI ASSEMBLY by Khaosod.

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Paying tax sure as anywhere...but first let the farangs own their land that has to be taken on leasehold to build their home...only .then it would seem fair to pay tax

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We pay a "land tax", on a residential plot of land and we also pay land tax on farming land both with top land papers.  It is a very minor sum of money, but the tax bills come to the land owner via registered mail. I'm delighted to pay the land tax.  I know for a fact of a Canadian who bought land for his family. Several parcels. Then never paid annual land tax. Well an enterprising Thai paid the land tax each year on one small parcel,  Guess what he had to pay again for the parcel of land. I don't know what land titles those were but he learned how important it is to pay the land tax. 

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