Yewbzee Posted July 6, 2020 Share Posted July 6, 2020 (edited) I received a letter from the local government office in Banglamung with regards to the new property tax in order for them to check the square meters of my properties. I have 3 condo units that are side by side and I developed them into one large unit in which I have resided full time for the last 6 years. I have never rented part of my property since purchasing nor do I intend to. I also have the architectural drawings showing that these 3 units are now one large unit. However they do each have their own chanote. The value is less than 50 million and I understand that a single residence under 50 million is exempt. Strictly speaking it is still 3 units so I am wondering does this qualify for an exemption from paying property tax under this new tax law. Edited July 6, 2020 by Yewbzee spelling Link to comment Share on other sites More sharing options...
Maestro Posted July 7, 2020 Share Posted July 7, 2020 Removed an off-topic post. Link to comment Share on other sites More sharing options...
khunPer Posted July 7, 2020 Share Posted July 7, 2020 I don't know if there is something later than this, the page is dated 26 June 2019... Quote A tax exempt threshold of Baht 10 million shall apply to buildings owned by individuals, where they are not the land owner, that are used as their place of residence, if their names appear in the house registration bookon 1 January of the tax year. By definition this would include a condominium unit. Source: "Tax Updates: New Property Tax Law in Thailand", which page also mentions the percentages for taxation etc. Quote Tax rates have been announced for 2020 and 2021. For example, for a condominium unit owned by an individual that uses the unit as their place of residence and their name appears in the house registration book, the tax rates are: 1 Link to comment Share on other sites More sharing options...
RichardColeman Posted July 7, 2020 Share Posted July 7, 2020 Wish I had the problems of worrying about tax on 50 million baht of houses 1 1 Link to comment Share on other sites More sharing options...
Popular Post timendres Posted July 7, 2020 Popular Post Share Posted July 7, 2020 Just now, khunPer said: Tax rates have been announced for 2020 and 2021. For example, for a condominium unit owned by an individual that uses the unit as their place of residence and their name appears in the house registration book, the tax rates are: I would give my left nut to be paying 0.02% property taxes on my house in the US!!! 2 1 Link to comment Share on other sites More sharing options...
Kalasin Jo Posted July 7, 2020 Share Posted July 7, 2020 8 minutes ago, timendres said: I would give my left nut to be paying 0.02% property taxes on my house in the US!!! Same here only my other home is in France. Think I left my left nut there too???? 2 Link to comment Share on other sites More sharing options...
khunPer Posted July 7, 2020 Share Posted July 7, 2020 8 minutes ago, timendres said: I would give my left nut to be paying 0.02% property taxes on my house in the US!!! That's why some of us sold out and moved to Thailand...???????? And always look at the bright side of life: You shall be happy you live in US, and not in Scandinavia...???? 1 Link to comment Share on other sites More sharing options...
pacovl46 Posted July 7, 2020 Share Posted July 7, 2020 4 hours ago, khunPer said: I don't know if there is something later than this, the page is dated 26 June 2019... Source: "Tax Updates: New Property Tax Law in Thailand", which page also mentions the percentages for taxation etc. So at 40 million that’s 8000 Baht per year! That’s nothing! In NYC the same place would cost 30000 dollars a year! Link to comment Share on other sites More sharing options...
smutcakes Posted July 8, 2020 Share Posted July 8, 2020 I got a letter through the other day which was essentially informing me of the size of condo, address, owner etc. And to report to the local office if any of the information is incorrect. I believe the tax has actually been delayed from this year due to Covid, and them not really be prepared nationwide. Essentially for a primary Residence there is an exemption up to 10 Million THB after which you would pay 0.02% between 10-50 Million THB and escalating up thereafter. For the second home the only real difference is that there is no exception on the 10 million THB so you go straight into the 0.02%. In your case you might have a little issue as you i believe primary residence is assessed by where your tabien baan is, which can only be in one place at a time, so with you having 3 units you (and presumably not merged into one chanote) might only get the 10 Million THB exemption on one of your units. At the end of the day its small money overall. Also remember that it is based on assessed value rather than on what you might think its worth, which in most cases the assessed value is far lower. 2 Link to comment Share on other sites More sharing options...
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