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Crash999

New 2020 Property Tax Questions

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My wife received through the mail this morning a guideline to the 2020 property tax. It was dated November and said she had two weeks to respond if any questions. Oops.

 

She and I have been trying to read up on the new law in English and in Thai today and haven't had much luck figuring out for certain what applies to our situations:

 

a) Her parents bought a house in Rayong worth about 3m Baht to use when they retire soon. They put it in my wife's name. This was about five years ago. My wife's mother is on the tabien baan, my wife is on the tabien baan at our condo in Bangkok. From what we read it seems that because my wife is not on the tabien baan of the Rayong house she will have to pay tax, which we found two rates- 0.2% or 0.3% per year per different articles we read. Also a possible increase after two years.

 

Rather than paying this tax my wife would prefer to transfer the property to her parents, maybe the mom as she is on the tabien baan. But then we may need to pay property tax on the value of 3% (4%?) based on an assessed value so it seems a 10-year or more break-even on that.

 

b) We moved last year to our current condo from a smaller one worth around 7m Baht. The smaller one was initially up for sale until my father decided he would move here in July this year so we took it off the market and kept it for him. Now the property is vacant. He will eventually get a non-O and I guess be put on the tabien baan of that condo. As I'm the owner and that's a second property it seems I'll have to pay tax on that condo too.

 

Is our understanding correct? It has come as a bit of a shock as we are not deriving any income from these properties and it seems we may need to start paying THB30k or more per year in addition to the common area fees, maintenance etc. Property ownership is starting to seem even less attractive than before here.

 

Thank you!

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Thanks Britman. Do you have a source for that? My wife had received papers from the government saying that her property was eligible even though it is only worth 3m. The letter was dated November so I’m not sure if things have changed since then as I read there have been changes a few times already. 

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