In the Canton of Thurgau, wealth tax (Vermögenssteuer) is levied on an individual’s net wealth as at 31 December. The Steuergesetz (StG, §§ 41–54), the Verordnung (StV, in particular §§ 13, 13b) and the cantonal Schätzungsverordnung (SchäV) define how assets and liabilities must be valued. The official Kantonsblatt Thurgau for natural persons and the Thurgauer Steuerpraxis (StP 43) summarise this in a practical way.

As a general rule, assets are valued at fair market value (Verkehrswert). For insurance, securities and real estate, specific valuation rules apply, and business assets are taken at the values relevant for income tax. Net wealth (Reinvermögen) is then reduced by Thurgau’s generous tax-free allowances (CHF 200,000 for married couples, CHF 100,000 for others plus CHF 100,000 per non-independently taxed child) before the linear 1.1‰ wealth tax rate is applied.

1. General Valuation Principle

The Thurgau Kantonsblatt and the Steuerpraxis (StP 43 Nr. 1) set out the overarching framework:

• General rule (§ 43 StG): Assets (Aktiven) are in principle valued at fair market value as at the end of the tax period or at the end of tax liability, unless the Steuergesetz provides specific rules for certain asset classes.
• Special rules: For insurance, securities and real estate, specific cantonal methods can apply that differ from a simple “last known price” approach.
• Business assets: Assets invested in a business or agricultural enterprise are valued at the values relevant for income tax, i.e. tax balance sheet values.
• The wealth tax object explicitly includes movable and immovable assets, business wealth and surrenderable life and annuity insurance (§ 41 StG; Kantonsblatt section “Gegenstand der Vermögenssteuer”).

2. Real Estate

Real estate (unbewegliches Vermögen) is a major component of taxable wealth in Thurgau. The Kantonsblatt highlights specific rules based on the Steuergesetz and the Schätzungsverordnung (SchäV).

2.1 Non-agricultural property

• Under § 43 StG and § 12 SchäV, non-agricultural property is valued at its fair market value (Verkehrswert).
• According to § 12 SchäV, the fair market value is determined by the totality of value-forming factors, including: Land and building value, legal situation, permitted uses, actual characteristics, special location and overall condition.
• In practice, the Verkehrswert is usually derived from a combination of earnings value (Ertragswert) and real value (Realwert).
• The resulting official tax valuation (based on the SchäV) is used for both wealth tax and other property-related taxes. Taxpayers normally declare this official value rather than their own estimate.

2.2 Agricultural & forestry property

• Under § 44 StG, land and forest used for agricultural or forestry purposes is valued according to the federal agricultural land law (BGBB).
• In practice, this means that agricultural property is valued at a specific agricultural value derived from its earnings capacity, which is normally below full market value.
• Where agricultural land is held primarily as an investment or development asset rather than for genuine farming or forestry, the earnings-value regime may not apply and the property can be treated as non-agricultural land under the normal Verkehrswert rules.

3. Listed Securities & Capital Investments

The Thurgauer Steuerpraxis (StP 43 Nr. 1, section 2) contains detailed rules for the valuation of securities and capital investments:

• Exchange-listed securities: For listed shares, bonds, ETFs and funds, the 31 December stock exchange price in the relevant tax period is used.
• This price can be taken from the official tax price list (amtliche Kursliste) published by the Federal Tax Administration (FTA) or accessed via the Thurgau tax office website and ICTax.
• For securities traded on foreign exchanges, the foreign exchange’s year-end price is used and converted into CHF at the official year-end exchange rate in the FTA list.
• Non-listed securities (without market price) are valued at their fair value as at 31 December. If this is not known, the value as at 1 January of the same tax period can be used instead; valuation is generally performed by the tax authorities of the company’s seat canton and published as an official tax value.
• Separate Steuerpraxis guidance (StP 46) explains the valuation of non-listed securities and options and the possible use of standard Swiss Tax Conference (SSK) practitioner-method formulas.

4. Bank Deposits, Crypto & Precious Metals

StP 43 Nr. 1 also addresses the valuation of other financial assets:

• Bank and postal accounts, other receivables and CHF cash: valued at the account or cash balance at 31 December.
• Foreign bank accounts and foreign cash: valued at the 31 December balance and converted into CHF using the official FTA year-end exchange rates.
• Gold and other precious metals: valued at their 31 December market value, typically using the FTA’s official list of bullion and foreign currency rates.
• Cryptoassets (e.g. Bitcoin):
  • Subject to wealth tax and declared in the Guthaben- und Wertschriftenverzeichnis as “other deposits”.
  • The FTA determines average 31 December rates for common cryptocurrencies; these should be used where available.
  • If no FTA rate exists, use the year-end price on the trading platform used for transactions; if no reliable rate exists, use original CHF acquisition cost.
  • Printouts of wallet year-end balances serve as proof of ownership and quantity.

5. Unlisted Shares & Private Companies

For unlisted participations (shares in private companies, GmbH interests, cooperative shares), Thurgau follows Swiss-wide practice based on the Swiss Tax Conference (SSK) guidance and its own Steuerpraxis:

• Where available, the official tax value determined by the tax administration of the company’s seat canton is used for Thurgau-resident shareholders.
• Otherwise, the valuation follows the practitioner method (SSK KS 28), using:
  • Net asset value (NAV): book equity adjusted for hidden reserves and off-balance items.
  • Earnings value: sustainable average profit capitalised with an industry-appropriate factor.
• The final wealth-tax value is typically a weighted average of NAV and earnings value (often 1/3 NAV and 2/3 earnings value), unless special circumstances justify another weighting.
• The Thurgau tax office expects consistent valuation across all shareholders and across tax years. Sudden changes should be supported by financial data and a short valuation note.

6. Business Assets & Intangibles

For self-employed taxpayers and partners, business assets are treated as a separate category of wealth. The Kantonsblatt emphasises that business wealth is valued at income-tax values:

• Movable business assets (inventory, machinery, operating vehicles, equipment) and intangible assets (capitalised goodwill, patents, trademarks, software) are taken at their tax book values after depreciation and provisions accepted for income tax.
• Hidden reserves created through accelerated depreciation or provisions are not separately added back for wealth tax purposes as long as the accounts are accepted by the tax authorities.
• Business real estate appears in the accounts at book value, but its underlying valuation must be broadly compatible with the Verkehrswert framework for properties described in section 2.
• For agricultural businesses, movable agricultural assets are also valued at their income-tax values; the land and necessary buildings follow the agricultural property rules.

7. Life & Annuity Insurance

Thurgau’s Steuergesetz (§ 48 StG) and StP 43 Nr. 1 (section 5) set explicit rules for the treatment of life and annuity insurance:

• Capital and annuity insurance policies are subject to wealth tax at their surrender value (Rückkaufswert), including any accumulated surplus or bonus amounts.
• This also applies to ongoing annuity policies where a surrender value exists.
• Pure risk policies without savings component are not wealth-taxable, unless they happen to have a surrender value due to embedded bonuses.
• Insurance companies must provide annual certificates showing the surrender values as at 31 December, which are decisive for the Thurgau wealth tax return.
• Occupational pension assets (pillar 2) and tied pillar 3a savings are exempt from wealth tax until payout, as in other cantons.

8. Other Movable Assets

For other tangible and intangible assets, Thurgau applies straightforward fair value rules as summarised in StP 43 Nr. 1:

• Motor vehicles: declared at fair market value. A rule-of-thumb write-down of 20% of the purchase price per year may be used; vehicles older than five years can often be entered at a token amount (e.g. CHF 1) unless they are collectors’ items. Leased vehicles are not declared.
• Oldtimers and “lover’s vehicles”: declared at realistic market value under “other assets”.
• Other movable assets such as caravans, mobile homes, boats, aircraft, riding horses, art and jewellery, stamp or coin collections and patents are taxable at their fair market value.
• Ordinary household goods and everyday personal items are generally not itemised; only unusual concentrations of value (high-end collections, luxury items) are relevant for separate declaration.

9. Foreign Assets & Exchange Rates

Thurgau residents are wealth-taxed on their worldwide net wealth. Foreign assets therefore enter the Thurgau wealth tax base, subject to allocation rules with other cantons and foreign jurisdictions:

• Foreign bank accounts and portfolios: valued at local year-end nominal or market value and converted into CHF using the official FTA 31 December exchange rates.
• Foreign real estate: generally valued at local market value or statutory tax value accepted by the Thurgau tax administration; converted into CHF at year-end FX rates. These valuations are also used in inter-cantonal and international allocation.
• Foreign life insurance and pensions: savings-type policies are taxed at surrender value, while genuine occupational pensions and similar arrangements remain wealth-tax exempt until payout.
• Keep local statements, valuation reports and a record of the FX rates used, as the Thurgau tax office may request this evidence.

10. Liabilities & Net Wealth

Thurgau taxes net wealth. The Kantonsblatt (section “Ermittlung des steuerbaren Vermögens”) summarises § 49, § 53 and § 54 StG as follows:

• Gross wealth minus debts gives net wealth (Reinvermögen).
• Net wealth is then reduced by the tax-free allowances (CHF 200,000 for married taxpayers in an intact marriage, CHF 100,000 for others and CHF 100,000 for each non-independently taxed child) to arrive at taxable wealth.

Deductible liabilities include:

• Mortgages on Swiss and foreign real estate at their nominal year-end balance.
• Bank loans, private loans, overdrafts and credit card balances where they represent genuine, legally enforceable debt.
• Joint debts, guarantees and similar obligations only to the extent the taxpayer must economically bear them.
• Debts denominated in foreign currency converted into CHF using the same year-end FX rates as for assets in that currency.

The resulting taxable wealth is subject to Thurgau’s linear wealth tax rate of 1.1‰ (§ 54 StG), multiplied by the cantonal and municipal tax multipliers.

11. Planning Takeaways

• Real estate valuations matter: Because Thurgau uses Verkehrswert based on both earnings and real value, the official valuation of property is a central planning lever. Check whether the tax value tracks plausible sales prices.
• Use official price and FX lists: For securities, precious metals and crypto, relying on the FTA’s lists and Thurgau’s Steuerpraxis ensures consistent, defensible wealth valuations.
• Business structure decisions: Since business assets are taken at tax book values, accounting policy (depreciation, reserves) and where assets are held (privately vs. in a business) directly influence the wealth tax base.
• Life insurance as a wealth component: Surrender values of life and annuity policies can be material; coordinating insurance planning with wealth tax and inheritance planning is important.
• Leverage generous allowances: Thurgau’s high tax-free amounts (up to CHF 200,000 plus CHF 100,000 per child) mean that exact valuation and debt allocation around these thresholds can be impactful for families.
• Scenario modelling: Combine accurate valuation data with the 1.1‰ rate and local tax multipliers in the Wealth Tax Calculator to anticipate the impact of major events (property purchases, business exits, inheritances, relocations).