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LivinLOS

2020 Land tax.. What do I need to know

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Heard that as of Jan a new land tax is coming and that vacant land can be up to 3% per annum.. Thats a painful amount annually. 

 

I am told that if its agricultural land, its 0.15%.. So what steps do I need to take to ensure that it is the latter and not the former.. What can I plant thats zero maintenance and will offer a workaround until I develop the land. 

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also starting very  soon on condos  1st  condo is  no charge  a year 2nd if  family  staying there   a  bit  more 200baht per  1  million of  value  then 3rd onwards is 3000 baht per  million of land offices  price already at a time with oversupply and  falling rents

My land 15  rai  full  of  pineapples but its requires maintenance and 2  staff so  no easy  option although 0.15 wont hurt  much the condo one is expensive.

They sure  know how to cripple an already suffering market, hopefully  it  will be their downfall like the Uk  polltax

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Would have thought this was bigger news and discussion.. 

 

3% of land value is not a small sum.. 

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13 hours ago, LivinLOS said:

Would have thought this was bigger news and discussion.. 

 

3% of land value is not a small sum.. 

should be for people who own more than 2  condos  also................but almost no mention on the forums?

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Mangos   might be the best option, clear the land plant some trees  walk away, need to do it in the rainy season which has almost ended

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11 minutes ago, prism said:

I've seen banana trees planted in neat rows to make land appear to be for agricultural use. Zero maintenance. 

How do you know thats not just a farm growing bananas ?

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18 hours ago, Chazar said:

My land 15  rai  full  of  pineapples

you have thai nationality, otherwise you own NOTHING

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HAHA.

I bet very very little will pay this.

Kind of like the maintanance fees at a condo.

Not paying for years nothing is done..

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45 minutes ago, Crossy said:

If I'm reading this right the exemption thresholds are pretty high.

 

50 million for agricultural land and owner-occupied houses, 10 million for condos and rented homes.

 

I suspect most smallholders and homeowners will be exempt anyway along with those with modest condos.

 

A 40 million Baht condo would attract about 8000 Baht per annum tax.

 

Our home and land doesn't even make the owner-occupier threshold.

 

The issue is there is apparently no exemption for vacant unused land.. It seems to be 1.2% increasing 0.3% to a cap of 3%. Land values have been going crazy around us, I am seeing plots asking > 5 mil a rai, I know the government rates will be much lower but unsure what they currently are at. Even at 2 mil a rai declared value that would result in a tax bill. on our 5 plus rai, of 120k per annum rising 30k a year to 300k per annum !! 

So it needs to be made into used / agricultural or developed. 

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1 minute ago, LivinLOS said:

The issue is there is apparently no exemption for vacant unused land..

 

Yeah, it actually seems designed to punish those who don't use their land. I suspect that's actually the intent.

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While it may well be, I am surprised this hasnt had more news.. A > 100k bill for a plot of land I am going to develop later would have been a poor surprise. 

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The wife has just over 2 rai but it is subdivided into 5 lots with the house on one. Will be interesting as to how they treat the vacant lots. Hopefully the fruit trees and vegetables will classify them as agricultural land even though they are not an economic proposition.

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