Post by account_disabled on Jan 6, 2024 9:33:01 GMT
Business law column: Land tax, impact on housing by Wirot Poonsuwan From January 1, 2020 onwards, anyone who has more than one house and land used as a residence must pay land and building taxes. According to the new law that came into effect last March. The tax rate levied is considered low. But this causes real estate collectors, whether it be single houses, townhouses, or condos, for investment or to keep for their children, to have additional expenses. And you must calculate carefully which house will be your main residence and have your own house registration. Which house will be given to the child? The house registration must be in the child's name. This does not include agricultural, commercial, and vacant land. The latter two are subject to heavy taxes. Pay taxes on a second home Land tax does not apply to the first house owned by an individual in the house registration. with the assessed value of the house and land assets by the Treasury Department totaling no more than 50 million baht. Simply put, if there is only one house priced no more than 50 million, there is no need to pay taxes.
Most middle class people belong to this group. therefore not affected From the Land and Buildings Tax Act B.E. 2019 in any way But if you go to buy a condo or a second home for the children The law considers you to be a wealthy person. Must pay local maintenance taxes to benefit society. The less the condo price, the less tax is paid. The high price is a big waste. Within the first two years of land tax collection, from 2020 to 2021, the tax rate levied on second homes. Will be charged in steps. And it's still a very low rate. until it does not affect real estate investors But don't be careless WhatsApp Number List Because no one knows how much the rate will increase from January 2022 onwards. The lowest rate used is 0.02% of the combined appraised value of the house and land not exceeding 50 million baht. Most people will have a second house and land. or a second condo Usually the price does not exceed 10 million baht, and the tax will be only 2,000 baht, even if the tax is only a small amount. But for those who have never lost, then lose He probably wouldn't like it. But I feel sorry for helping to maintain the municipality. Tax rate 0.02%-0.1% If you have a second, third, fourth, fifth house, whether you have a house registration as the owner or not. You must pay land tax on the additional house or condo. No matter what the price of houses and land is. The tax is calculated from the first baht. The tax paid will be at 4 progressive rates. Value of land or building.
According to the Treasury Department's capital assessment price. Tax rates collected in the first 2 years until the end of 2021 (1) 1 baht-50 million baht 0.02% (2) 50.1-75 million baht 0.03% (3) 75.1 million baht-100 million baht 0.05% (4) 100.1 million baht or more 0.1% The municipality has the right to seize houses and sell them at public auction. This housing tax law is very lenient. The Bangkok Metropolitan Administration, municipality, or sub-district administrative organization is required to charge no more than 0.3% of the assessed price. The above tax rate table for the first 2 years is a temporary rate. It can be charged from 0.02% to 0.1%. After that, the government issues a royal decree to increase the rate. But it must not exceed 0.3% according to the parent law. Land tax must be paid by April 30 of every year according to the tax assessment form that the local government organization will send to the homeowner by the end of February. The taxpayer is the person named as the owner in the house registration on January 1 of that year. Although the law is flexible in determining whether you will pay taxes or not. But it is strict in enforcing If you are in the area of having to pay taxes If you are legally required to pay taxes You must pay attention to paying residential land tax because it is difficult to avoid and the law has clear provisions. Force you to pay land tax which cannot be neglected. Otherwise, the local administrator.
Most middle class people belong to this group. therefore not affected From the Land and Buildings Tax Act B.E. 2019 in any way But if you go to buy a condo or a second home for the children The law considers you to be a wealthy person. Must pay local maintenance taxes to benefit society. The less the condo price, the less tax is paid. The high price is a big waste. Within the first two years of land tax collection, from 2020 to 2021, the tax rate levied on second homes. Will be charged in steps. And it's still a very low rate. until it does not affect real estate investors But don't be careless WhatsApp Number List Because no one knows how much the rate will increase from January 2022 onwards. The lowest rate used is 0.02% of the combined appraised value of the house and land not exceeding 50 million baht. Most people will have a second house and land. or a second condo Usually the price does not exceed 10 million baht, and the tax will be only 2,000 baht, even if the tax is only a small amount. But for those who have never lost, then lose He probably wouldn't like it. But I feel sorry for helping to maintain the municipality. Tax rate 0.02%-0.1% If you have a second, third, fourth, fifth house, whether you have a house registration as the owner or not. You must pay land tax on the additional house or condo. No matter what the price of houses and land is. The tax is calculated from the first baht. The tax paid will be at 4 progressive rates. Value of land or building.
According to the Treasury Department's capital assessment price. Tax rates collected in the first 2 years until the end of 2021 (1) 1 baht-50 million baht 0.02% (2) 50.1-75 million baht 0.03% (3) 75.1 million baht-100 million baht 0.05% (4) 100.1 million baht or more 0.1% The municipality has the right to seize houses and sell them at public auction. This housing tax law is very lenient. The Bangkok Metropolitan Administration, municipality, or sub-district administrative organization is required to charge no more than 0.3% of the assessed price. The above tax rate table for the first 2 years is a temporary rate. It can be charged from 0.02% to 0.1%. After that, the government issues a royal decree to increase the rate. But it must not exceed 0.3% according to the parent law. Land tax must be paid by April 30 of every year according to the tax assessment form that the local government organization will send to the homeowner by the end of February. The taxpayer is the person named as the owner in the house registration on January 1 of that year. Although the law is flexible in determining whether you will pay taxes or not. But it is strict in enforcing If you are in the area of having to pay taxes If you are legally required to pay taxes You must pay attention to paying residential land tax because it is difficult to avoid and the law has clear provisions. Force you to pay land tax which cannot be neglected. Otherwise, the local administrator.