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Property tax in Thailand operates differently compared to many other countries. As of that time, Thailand did not have a national property tax like the ones found in some other countries, such as the United States or the United Kingdom.
Instead, property taxes in Thailand are primarily based on the ownership of land rather than the value of the property built on it. The main tax related to real estate in Thailand is the Land and Building Tax (LBT), which was introduced to replace the previous House and Land Tax and the Local Development Tax.
The Land and Building Tax in Thailand is assessed on the land’s appraised value and, in the case of buildings, it is levied on a certain percentage of the building’s appraised value. The appraised values are determined by the local authorities and can vary from one area to another. The LBT rates are subject to change, and they may vary depending on the type of property and its usage, such as residential, commercial, agricultural, or vacant land.
It is essential to understand that tax regulations can change, and I don’t have access to real-time information beyond September 2021. Therefore, I recommend checking with the local authorities or consulting with a legal or financial expert familiar with the current tax laws in Thailand for the most up-to-date and accurate information regarding property taxes in the country.
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