Land and building tax update 2024

Land and building tax in 2024 has changed to collect the full tax at 100%, no deductions. Back in 2023, the government reduced the tax by 15% of the calculated tax amount. In 2024, we need to plan for additional expenses in this section.

Important summary about land and building tax in 2024

• Collect the full 100%: No more tax deductions
• Calculated from the value of the land and buildings: The tax base is calculated from the assessed value of the land and buildings.
• Tax rates vary: Depending on the type of land use
• Must be paid by the due date: To avoid fines and interest

Who must pay the tax?
Individuals: Owners of the land or buildings
Legal entities: Companies, partnerships, or other organizations that own the land or buildings
The payer of land and building tax is the owner of the land or buildings, whether they are individuals or legal entities. To see who owns the land, look at the land title deed, not the house registration.

If someone owns the land, Or buildings that are on January 1 of any year must pay taxes for that year. The taxpayer will receive a letter informing the tax assessment of how much to pay.

How important is land and building tax?

• Local income: Used to develop the area, such as building roads, parks
• Stimulate the efficient use of land: To create maximum benefit for society
• Create equality: Those with assets must pay taxes according to the law

How to pay taxes

• District or municipal office: In the area where you have land and buildings
• Bank: Participating in the project with government agencies
• Online channels: As specified by government agencies

Things to watch out for

• Check the information correctly: Check the assessed value and tax rate correctly before paying
• Pay taxes on time: To avoid fines and interest
• Consult an expert: If in doubt, consult a tax expert or relevant agency

Things to know more

• Tax refund: In some cases, there may be a right to a tax refund
• Tax deduction: There are tax deduction benefits for certain groups of people
• Appeal: If you disagree with the assessment, you can file an appeal

Factors affecting the tax rate

• Land Use Type: Residential, Vacant Land, Commercial Land
• Location: Land in big cities may have higher tax rates than in rural areas
• Land and Building Value: The higher the value, the higher the tax rate