New land appraisals likely postponed

New land appraisals likely postponed

An aerial view of property and buildings in Bangkok. (Photo: Patipat Janthong)
An aerial view of property and buildings in Bangkok. (Photo: Patipat Janthong)

The Treasury Department is expected to ask the land appraisal committee to postpone the adoption of new appraisal prices by another year.

The move aims to ease the burden of landowners, who are struggling to cope with the impact of the pandemic, said department director-general Yuttana Yimgarund.

If approved by the committee when it is requested by the department in November, the new land appraisal prices will go into effect from Jan 1, 2023, a delay from the original date of Jan 1, 2020, Mr Yuttana said.

The official appraised land price is the base for tallying the land and building tax, which people pay to the state every April.

The department appraises the land price every four years.

The current land price has been used since 2016.

He said most of the time appraisal prices rise, in line with economic expansion.

The use of the current land price for the time being will help ease the burden of taxpayers, said Mr Yuttana.

Last year the cabinet resolved to reduce the 2021 land and building tax by 90% to help ease the burden of people affected by the pandemic.

The reduction caused the local administrative organisations in charge of collecting this tax to lose tax revenue of 41.4 billion baht this year. The reduction expires at the end of this year.

The land and building tax took effect in March 2019, with tax collection slated to begin in January 2020, though there was an exemption for the first three years.

Individual owners of farmland with an appraised value of under 50 million baht are tax-exempt for the first three years of the law.

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