Bangkok Raises Property Tax on Fruit Farms in City
Bangkok plans to increase property tax on agricultural land including fruit farms, raising rates by 0.02 percent across multiple property value brackets under the 2019 Land and Building Tax Act.
Bangkok is preparing to adjust property tax rates for agricultural land, including banana, lime, and coconut farms in the heart of the capital, following implementation of the Land and Building Tax Act of 2019 seven years ago. The city plans to propose to the Bangkok Metropolitan Council a 0.02 percent rate increase, raising the current rate of 0.01-0.1 percent to 0.03-0.12 percent, or from 100 baht per million in property value to 300 baht per million. For agricultural land owned by individuals: properties valued at 0-50 million baht will be tax-exempt; 50-125 million baht will rise from 0.01% to 0.03%; 125-150 million baht will rise from 0.03% to 0.05%; 150-550 million baht will rise from 0.05% to 0.07%; 550-1,050 million baht will rise from 0.07% to 0.09%; and properties over 1,050 million baht will rise from 0.1% to 0.12%. For agricultural land owned by legal entities: 0-75 million baht rises from 0.01% to 0.03%; 75-100 million baht rises from 0.03% to 0.05%; 100-500 million baht rises from 0.05% to 0.07%; 500-1,000 million baht rises from 0.07% to 0.09%; and properties over 1,000 million baht rise from 0.1% to 0.12%. Bangkok is raising agricultural land tax rates to increase tax revenue, acting under Section 37(6) of the Land and Building Tax Act of 2019, which authorizes the city to adjust rates within set limits. Bangkok will issue an ordinance once the Bangkok Metropolitan Council approves the proposal.
