When paying certain taxes, the value of our home is taken into account. But it is not about the market value or what we pay for it at the time, but the value established by the Treasury for each property: the cadastral value. Is this cadastral value always correct?
Cadastre and cadastral value
The Cadastre is an administrative registry, under the Ministry of Finance, in which certain real estate, including housing, is registered and described. It is a free and compulsory registration in which the physical, economic and legal characteristics of the property are collected.
Once the property is registered in the Cadastre, a cadastral value is attributed to the property, which cannot exceed the market value in any case. To determine the cadastral value, aspects such as the location of the property, the land, the quality of the construction, the age of the building, if it has a historical-artistic character, etc. are taken into account.
You can check the cadastral value of your property at the Electronic Headquarters of the Cadastre or on the receipt of the last payment of the Property Tax, which includes this data.
Tax use of cadastral value
The cadastral value is used as a tax base for several taxes:
- Property Tax (IBI)
- Municipal Tax on the Increase of the Value of Urban Nature Lands.
- Income Tax for Individuals (Personal Income Tax).
- Wealth Tax.
- Inheritance and Donation Tax and Patrimonial Transmissions.
Some of these taxes are paid only in a timely manner, such as the Municipal Tax on the Increase of the Value of Urban Land or the Tax on Inheritance and Donations and on Property Transmissions, which we must pay in case of selling, donating or inheriting a living place. But other taxes are paid every year, such as the IBI. Therefore, the cadastral value can have an impact on the family economy.
Cadastral Discrepancies
It is possible that the cadastral value imposed by the Treasury and the real value of the property do not match. In that case you could be paying extra taxes for your home.
This can happen for different reasons. For example, it is possible that the registered land area and the actual meters do not match. To try to solve this and modify the registered data, you can request a correction of discrepancies. You should contact a specialized technician to review the cadastral value calculation and make a home appraisal. In this way, it will assess whether remedy can be used.
Source: Blog Fotocasa
