The government has announced a resolution to reduce the land and building tax rate in 2021 by 90%, and will only collect 10% of the actual tax rate for agriculture, housing, commercial and other industrial land use, and unused/vacant land.
How to calculate the tax rate of land and buildings: Link
Land for Agricultural Uses or Agriculture
If the owner is an individual, the first 3 years from 2020 to 2022 will be exempt from taxation. However, if the owner is a juristic person, they must pay tax at the rate of 0.01%. For example, if an asset is worth 5 million baht, it would normally be taxed at 500 baht but in 2021, you would only pay 50 baht.
Land for Housing
Primary House
If the owner of the land and house is an individual and listed on the house registration, they would be exempted from tax for land and structures not exceeding 50 million baht in value. In the case where the owner of the house doesn’t own the land, they would be exempted from tax for land and structures not exceeding 10 million baht in value.
Other Homes
If the value of the property is 5 million baht, it would be taxed at the rate of 0.02% or 1,000 baht; in 2021, you would only pay 100 baht.
Commercial and Unused/Vacant Land
In the case of land use for commercial or industrial operations or the land is unused/vacant, the initial tax rate is 0.3%. If the property value is 5 million baht, or 15,000 baht in tax, you would only pay 1,500 baht in 2021.
