Page 78 - Introduction to Investment Laws in Thailand

3.2 Land price
In Thailand, the land or property prices are under 1) market price and
governmental assessment price. The market value is the acceptable price
by the buyer, seller, landowners, and renters. The governmental
assessment price is the land price according to the Property Assessment
for Benefits of State Act B.E. 2562 (2019) (พระราชบัญญัติการประเมินราคาทรัพย์สินเพื่อ
ประโยชน์แห่งรัฐ พ.ศ. 2562), adopted for establishing accumulated report of
property valuation as to ensure the efficient taxing on properties in
Thailand. According to the Act, the assessment of the value of the property
will have to rely on;
- Appropriate methods of assessment for a specific property
- Appropriate economic conditions for assessments
- Assessment of property must be transparent and clear to
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public understanding
The Property Assessment for Benefits of State Act B.E. 2562 (2019)
establishes the National committee of Property Assessment for Benefits
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of State and the Provincial Committee Property Assessment for Benefits
of State. The National Committee has the duty and power to set policy and
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issue subordinate regulations to ensure property assessments. Provincial
Committee Property Assessment for Benefits of State has the duty and
power to assess property value in provincial areas and set standard price
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of the property in the provincial areas. By having the set price of the
property, the department of land, ministry of interior can rely on the set
price in issuing any taxes and fees to land registration transactions. People
can request document assessment price of the property from the
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department of land. Alternatively, people can access the website of the
department of treasury, ministry of finance to obtain the assessment price

84 Property Assessment for Benefits of State Act B.E. 2562 (2019) Section 6
85 Property Assessment for Benefits of State Act B.E. 2562 (2019) Section 7
86 Property Assessment for Benefits of State Act B.E. 2562 (2019) Section 11
87 Property Assessment for Benefits of State Act B.E. 2562 (2019) Section 16
88 https://www.dol.go.th/Pages/การขอทราบราคาประเมินอสังหาริมทรัพย์.aspx

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