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Thailand: Land appraisal price growth below 8%
The new land appraisal prices, used as a base for the land and building tax collection, may not expand by the previously assessed rate of 8% because of the impact of Covid-19, says the Treasury Department.
The new land appraisal prices were set to be used between 2020 and 2023, but have not been implemented because drafting of the organic law of the Land and Buildings Tax Act has yet to be completed.
The department has adopted land appraisal prices used between 2016 and 2019 temporarily.
It is expected the new land appraisal prices and the revised organic law will be completed near the end of next year, said deputy director-general Wilawan Veerakun.
A revamp of land appraisal prices may be needed as the coronavirus pandemic has affected the economic landscape, perhaps causing appraisal prices to grow at a slower pace, said Ms Wilawan.
The new appraisal process started in 2017 and used a valuation base of 2016 to 2019, when land prices expanded considerably, she said.
With the pandemic continuing unabated, the growth of land prices is not expected to be 8% on average, as projected previously, said Ms Wilawan.
The overall price appraisal of 32 plots across the country edged up by 27.7% on average between 2016 and 2019, with land prices in Bangkok seeing a 15.8% growth, according to the Treasury Department.
Regional land prices gained 28%.
For regional land prices, land located in the western region saw the highest increase at 40% on average, followed by a 37.3% rise in land situated in the northern region.
Source: https://www.bangkokpost.com/business/2001743/land-appraisal-price-growth-below-8-