We have recently talked about the New Law on Prevention and Fight Against Tax Fraud. However, this law introduces several modifications from different areas. Therefore, on this occasion, we would like to talk about one of them that directly influences two taxes that must be paid by those who buy, receive as a donation, or inherit a home from 2022.
We are referring to the new reference value of the cadastre; this rule modifies the way of calculating the tax base of the Tax on Patrimonial Transmissions and Documented Legal Acts and that of Successions and Donations.
In other words, from the date it comes into force, each time a transfer of a property subject to one of these taxes is made, the taxable base of the corresponding tax will be the reference value.
What is the reference value?
It is one of the economic characteristics of a property. Therefore, the cadastre will define it annually, based on an analysis of the purchases made before a notary or registered in the Property Registry, taking into account the cadastral characteristics of each property, such as its state, location, age, etc.
The rule establishes that said reference value may not exceed the market value.
Does this value affect the cadastral value?
No, the reference value does not affect the cadastral value and does not affect the IBI.
So what will happen if I buy or sell a property in 2022?
At the beginning of 2022, this new land registry reference value will come into force; therefore, urban and rustic properties without any construction must consider the reduction value established by the Ministry of Finance.
This is intended to end disputes over the valuation of a property; however, according to external sources, this could generate more controversy since the taxpayer will pay these taxes based on the reference value and not on the purchase price.
Another change is that the Treasury will no longer make more visits to the properties to verify that the sale value is real, that is to say, that, unless there is a disagreement with it and it is contested, they will be based on the new reference value.
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