The Canton of Thurgau levies wealth tax on net assets held on 31 December — that is, worldwide gross wealth minus deductible debts and statutory tax-free amounts. Correctly classifying assets, liabilities and personal allowances can have a noticeable impact on your combined cantonal and municipal wealth tax burden.

This overview reflects practice under the Steuergesetz des Kantons Thurgau (StG TG) — in particular § 53 on tax-free amounts — and guidance issued by the Steuerverwaltung Thurgau. Municipal tax multipliers (Steuerfüsse) then determine the effective tax level at the place of residence.

Statutory Tax-Free Amounts (§ 53 StG TG)

Thurgau provides statutory tax-free amounts that are deducted from net wealth after debts have been subtracted. The allowance depends on marital status and the number of non-independently taxed children at the end of the tax period.

Debt is first deducted from gross assets to determine net wealth. The above tax-free amounts are then subtracted from net wealth to arrive at taxable wealth. The personal situation as at 31 December governs which allowance applies.

Debt Deductions

Thurgau allows the deduction of legally enforceable debts that exist on 31 December and are clearly documented. Typical deductible liabilities include:

• Mortgages on Swiss or foreign real estate
• Bank loans, investment loans, and margin loans
• Private loans backed by written agreements and interest documentation
• Accrued but unpaid Swiss tax liabilities (federal, cantonal, municipal)

Debts in foreign currencies must be converted at the official year-end exchange rates published by the Federal Tax Administration (FTA).

Contingent or informal obligations (for example, guarantees) are generally not deductible until they crystallise into an actual enforceable debt.

Pension Assets & Retirement Accounts

Thurgau follows the standard Swiss practice of fully exempting certain pension assets from wealth tax:

• Occupational pension assets (2^nd pillar)
• Tied individual retirement accounts (pillar 3a)

These assets are not included in taxable wealth until benefits are paid out. Untied savings and investment products (pillar 3b) remain fully taxable.

Pension buy-ins and pillar 3a contributions mainly provide income tax relief; any impact on wealth tax arises via changes in the balances of taxable vs. exempt accounts.

Valuation Adjustments

The valuation rules Thurgau applies to various asset classes can significantly influence taxable wealth:

• Unlisted business interests: generally valued using Swiss practitioner methods (earnings-based and net asset value), which can result in a taxable value below a theoretical market value.
• Real estate: taxed at the official tax value (amtlicher Wert), typically lower than market value and thus providing natural relief.
• Movable property: ordinary household effects are exempt; significant artwork, jewellery, and collections are taxable at fair market value.
• Cryptocurrencies and precious metals: typically valued at the FTA’s official year-end prices or other verifiable market quotations.

Marital Property & Family Context

Married couples and registered partners living together are taxed jointly in Thurgau. In line with the principle of family taxation, the assets of minor children are aggregated with those of the parents for wealth tax purposes.

Gifts and inheritances received during the year are included in year-end wealth unless they fall under a specific exemption (for example, certain pension or insurance benefits).

Documentation & Compliance

The Thurgau tax administration expects coherent documentation for both assets and liabilities. Typical supporting evidence includes:

• Bank and securities account statements as of 31 December
• Mortgage and loan balance confirmations
• Private loan agreements and interest summaries
• Pension statements (2^nd pillar and pillar 3a)

Ensuring that income and wealth figures are consistent across the return helps avoid queries and adjustments during assessment.

Planning Insights

• Thurgau’s relatively high statutory tax-free amounts (especially for families) mean that debt allocation and family structuring can significantly affect taxable wealth.
• Municipal tax multipliers (Steuerfüsse) drive the effective burden; the choice of municipality can noticeably change wealth tax on larger portfolios.
• Reviewing official real estate values and business valuations can uncover straightforward relief without complex planning structures.
• Coordinating wealth tax planning with inheritance, gift, and income tax strategies is particularly relevant for Thurgau-resident entrepreneurs and investors.