Land along Sukhumvit Road will increase in value from THB650,000 to THB800,000 per square meter with the new government measures.
Official nationwide government property valuations for land will take effect in June, according to the Thai Treasury Department. This will have a direct impact on the calculation of property transfer fees paid at the Land Department when land, land & house, or condos change hands.
The valuations are considered the government’s assessment of the current minimum market value for all land plots, given their location.Thailand updates assessment values every ten years or so, and those values will impact directly the amount of taxes collected this year from the Land Department. The new valuations were originally scheduled to take effect January 1st, but were deferred six months because of the possible impact on land owners who recently suffered through the 2011 floods.
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