"When the economy is about to hit a slump, the property sector always shows early-warning signs. Exemptions are for houses and farm land worth not more than 50 million baht. For example, a house worth more than 50 million baht will be taxed at 0.05% only. But in the case of a person having more than one house, the second will be taxed from the first baht [without exemption for the first 50 million baht]." Once the law takes effect in January 2019, local governments will be able to collect 60 billion baht in taxes, compared to 20 billion baht under the current local land tax law and the building and land tax law.

Source: Bangkok Post March 24, 2017 08:26 UTC