Thailand’s Treasury Department has reported that land and building median price for property tax will remain unchanged next year. Saving many property owners from having to pay higher tax for their property.
The median price, which is used as a property tax reference for the purchase and sale of land and buildings, was initially set to be revised and put into effect in 2020. However, the department decided to delay launching the new median until 2021.
Wilawan Veerakul, the deputy department chief, said the new median will have to be in compliance with the Asset Price Appraisal for National Interest Act. Which consequently only just enacted last month. For the act to be fully implemented, several subordinate regulations; including one governing the new median prices, will have to be passed.
However, since the department will not have the regulations ready by Jan 1st, 2020. The new median price will have to be put off by a year, the Bangkok Post reports.
The department, meanwhile, said the price of land in some areas can go up by between 7% and 8%.