Property Valuation

History

History and Background

In 1981, the cabinet resolved to establish the Central Office for Land and Building Pricing, designating it as a unit within the Academic Division, Department of Land. Its function was to professionally determine land and building prices, and serve as a central body for providing consultation and information services on property valuation to the relevant agencies. It initially began block-by- block land valuation in municipal areas of five provinces: Nakhon Ratchasima, Phitsanulok, Lampang, Phuket, and Songkhla. In 1984, a Royal Decree on the division of the Department of Land established the Central Property Valuation Office as a division-level government agency under the Department of Land. It was published in the Government Gazette on February 2, 1984, and had the authority to determine the appraised value of land and buildings for use in registering rights and legal transactions. In 2000, the Ministerial Regulation on the division of the Department of Land reorganized its structure into the Property Valuation Office on February 20, 2000. In 2002, with the Act on the Reorganization of Ministries, Bureaus, and Departments, the Property Valuation Office's mission was transferred to the Treasury Department, Ministry of Finance, effective October 9, 2002. This was in accordance with the royal decree amending provisions to align with the transfer of powers and duties of government agencies under the Act on the Reorganization of Ministries, Bureaus, and Departments.

Missions

The Property Valuation Office has the following powers and duties: To conduct immovable property and other asset valuations under the relevant laws in the Bangkok Metropolitan Area. To provide opinions for consideration in the valuation of assets and other properties under the relevant laws. To develop strategies and plans, as well as to control, supervise, and evaluate the performance of property valuation by the Provincial Treasury Offices. To perform secretarial duties for the Provincial State Property Valuation Committee in Bangkok. To carry out the determination of appraised values for immovable property and other assets under the relevant laws, and to submit opinions for consideration in their valuation. To collaborate with or support the operations of other relevant agencies, or as assigned by the Director-General. The appraisal cycle for land/ buildings/and condominium units is four years from the date of implementation. However, if the average market price in any given area deviates from the effective appraised value by more than 15 percent, the appraised value may be updated before the end of the four- year cycle. Furthermore, in cases of necessity, the validity period of the current appraisal schedule may be extended.

Vision

To provide property valuation in accordance with the international standards to foster economic and social stability and sustainability.

Strategic Issues

1. Enhancing expertise, professional knowledge, and experience.
2. Managing property valuation operations through modern technology.
3. Integrating Artificial Intelligence (AI) to analyze property values to ensure social fairness.

Objectives

Property appraised values are accurate, comprehensive, and up to date.

Duration of Appraised Value Schedule Announcement

The announcement of the land or building appraisal price schedule shall be made every four- year cycle. The current schedule in effect covers the 2023–2026 cycle. During an active cycle, if it appears that the average market transaction price of land in any given area deviates from the appraised value listed in the existing schedule by more than fifteen percent, the Provincial Appraisal Committee shall reassess and revise the appraisal price for such land, and issue an updated land appraisal price schedule, without having to wait for the expiration of the current appraisal cycle. Regarding the announcement of the condominium unit appraisal price schedule, it shall remain valid for a period not exceeding four years from the date of announcement. In the event that the prescribed period has lapsed and no new condominium unit appraisal price schedule has been announced, the previously applicable schedule shall remain provisionally in force until a new condominium unit appraisal price schedule is duly announced.

Immovable Property Valuation Process

The purpose of preparing the land and building valuation schedule, under the State Property Valuation for Public Benefit Act B.E. 2562 (2019), is to serve as a reference or basis for collecting the taxes and fees for the registration of rights and legal transactions as prescribed by law, or for other state uses. This inherently affects users, including agencies, juristic persons, or general individuals, as it increases the tax burden as mandated by law. Furthermore, Section 6 (3) of the State Property Valuation for Public Benefit Act B.E. 2562 (2019) stipulates that the property valuation process must be clear, transparent, and verifiable. This is to build credibility among users, as it is conducted by a government agency which must perform its duties with honesty, integrity, and fairness, and genuinely benefit users according to its objectives.

Objection to Appraisal Values of Land, Buildings, and Condominium Units

Upon the announcement of the land or building appraisal price schedule, if the appraised value is found to be inaccurate, the owner of such land or building may file an objection against the specific appraised value of their own property as listed in the schedule. If the appraisal is incorrect with respect to the area, characteristics, condition, or location of the property, the objection must be submitted within 90 days from the date the owner becomes aware of the inaccuracy. If the appraisal is incorrect with respect to the criteria or methodology prescribed by the Committee, the objection must be submitted within 90 days from the effective date of the appraisal price schedule. The objecting party must file the objection in accordance with the prescribed forms, criteria, and procedures established by the Committee, and submit it to the Provincial Appraisal Committee of the province in which the land or building is situated.