SUNDAY, April 21, 2024

New land appraisal price set to rise by an average 8%

New land appraisal price set to rise by an average 8%

The Treasury Department plans to announce a new land appraisal price list for 2023-2026 on January 1 next year.

Department director-general Prapas Kong-ied said the move comes as the economy is recovering from the Covid-19 crisis.

He said the land appraisal price will rise by an average of 8 per cent, adding that the appraisal price in Bangkok is still the highest.

“The new land appraisal price list which will come into effect next year was made two years ago as the announcement had been postponed due to the Covid-19 crisis,” Prapas said.

The department normally announces the new price list every four years.

Prapas said the department’s Property Valuation Division can revise the appraisal price based on changes in landscape, such as new bridges, roads, expressways or train systems.

He said people would have to pay more land tax as the latest appraisal price will be used in new tax calculations.

“It is up to related agencies whether there will be measures to mitigate the public’s expense burden,” he said.

The appraisal price for land nationwide has risen by around 8.9 per cent, with the appraisal price in Bangkok increasing by about 3 per cent and in other provinces by an average of 8 per cent.

The highest appraisal price is 1 million baht per square wah for land on Silom, Ploenchit, Wireless and Rama I roads, followed by 750,000 baht on Sukhumvit Road, 450,000 baht on Ratchadapisek Road, 300,000 baht on Phetchaburi Road and 250,000 baht on Phahonyothin Road.

In other provinces, the highest appraisal prices are in Chonburi, Rayong and Chachoengsao, where the Eastern Economic Corridor is located, especially for land close to high-speed train systems.