The Ministry of Finance reported that new land appraisals for 2023 – 2026 would come into effect as of January 1, 2023. Amendments may still be introduced till the end of the year to account for the current circumstances and comply with the law.
The new land appraisal was postponed several times to make things easier for people and companies affected by the COVID-19 pandemic and the economic downturn. The appraisal value is also used as a basis for calculating the land and construction taxes.
Across the country, the new appraisal price that will come into force on January 1, 2023, increased by an average of 8% compared to the previous level, e.g. by 2.69% in Bangkok and by 8.81% in the north of the country.
Areas with new electric train service commissioned after the appraisal and those to be commissioned after 2023 will probably require a repeated appraisal. The land along these railways will become more expensive.