The Treasury Department has announced the implementation of the land and property appraisal price lists in accordance with the Property Appraisal Act for State Benefits B.E. 2562, effective from January 1, 2023. The average increase in land appraisal prices nationwide is approximately 8.93%, while the average increase in property appraisal prices is about 6.21%.

Mr. Jamroen Pothiyod, Director-General of the Treasury Department, revealed that the chairpersons of the provincial committees have announced the land and property appraisal price lists in accordance with the Property Appraisal Act for State Benefits B.E. 2562 since early December 2021. However, due to the ongoing impact of the COVID-19 pandemic on the overall economic situation of the country,

it was decided to start using the price lists on January 1, 2023 to alleviate the burden on the public who must use the appraisal prices as a basis for land and property tax collection, as well as for taxes and fees related to the registration of rights and legal acts. Currently, Bangkok and various provinces have already posted announcements and prepared information for dissemination. Therefore, the new appraisal prices will be in effect from January 1, 2023, to December 31, 2026, with an average increase in land appraisal prices nationwide of approximately 8.93% and an average increase in property appraisal prices of about 6.21% compared to the current accounting period, which has been in use for 7 years. In Bangkok, the average increase in land appraisal prices is 2.76%, and the average increase in property appraisal prices is 4.60%.

For the tax year 2566, the appraisal prices for land and property for the accounting period B.E. 2566-2569 will be used as the basis for tax calculations under the Land and Property Tax Act B.E. 2562. Based on past data, there are approximately 7 million registered transactions per year, accounting for 20% of the total land parcels. These prices will also be used for tax collection under the Land and Property Tax Act. If landowners use their land for agriculture or as a primary residence valued at no more than 50 million baht, they will be exempt from tax. This means that the majority of the public will not be affected, but those who own multiple parcels of land and more than one house will be impacted. Tenants of state property will still be required to pay taxes and will not receive exemptions.