The current property tax in Thailand focuses on collecting tax from the people who own a considerable amount of land. At the same time, the property tax will help settle land ownership to lower income families due to higher assessment by letting out, selling, or government buys up at a lower rate.
Taxation of land plots and structures would include land plots without construction, land plots with structure, commercial structures and residential structures where all 30 million properties are currently are undervaluation. You can go through https://www.thailand-property.net to know all about taxes and regulation in Thailand.
Business and residential structure estimates in some location are complete and the taxation has been divided into the following types:
- Taxation of a common construction at 0.5%.
- A tax of a home unit at not more than 0.1%.
- The agricultural area at not more than 0.05%.
For an abandoned land plot, the tax rate is at 0.5% of the total estimated price in the first three years with an incremental rise of 100% every three years if left unused but should not exceed 2% of the total marked price.
Thailand's taxation situation has developed the conditions for purchasing property and if property prices dip as a result of the circumstances it may be a good time to buy as the opportunity will soon regain its higher prices and you will gain profits.
In regards to land ownership in general, foreign businesses and citizens are not authorised to own land in Thailand unless the land is a part of a government approved real estate.