Property tax is imposed and collected annually. There are two kinds of property tax in Thailand: (1) house and land tax and (2) local development tax. Under the House and Land Tax Act B.E.2475 (A.D. 1932) as amended, the tax is imposed on owners of the houses, buildings, structures, or land rented or otherwise put to commercial use. Taxable property under house and land tax includes houses not occupied by the owner, industrial and commercial building, and land used in connection therewith. The tax rate is 12.55 of actual or assessed annual rental value of the property.
Under the Local Development Tax Act B.E. 2508 (A.D> 1965), as amended, the tax is imposed upon the person who either owns or is in possession of the land. Tax rates vary according to the medium value appraised by the local authorities. Allowances are granted for land utilized as personal dwellings, raising of livestock, and cultivation of crops by the owner. The extent of the allowances differs according to location of the land.
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