We analyse the changes in the taxation of property acquisitions subject to the following taxes:
The Treasury, through the General Directorate of Cadastre, determined, with effect from 1 January 2022, a new value, apart from the cadastral value, called “reference value”, which will serve as the minimum tax base for the Transfer Tax and Stamp Duty (ITP and AJD) as well as Inheritance and Gift Tax (ISD). In the case of Wealth Tax, the reference value affects properties acquired from 2022 onwards, but not pre-existing assets.
This new value does not modify either the Real Estate Tax (IBI) or the tax on the increase in the value of urban land (IIVTNU or capital gains tax).
Although initially it had been published that in the first 20 days of the month of December the General Directorate of Cadastre would publish in the BOE an informative announcement for general knowledge of the reference values that are to take effect in the following year, this was not the case and on 22 December 2021 another informative announcement was published in the BOE, which indicated that the reference values of real estate, which are to take effect in 2022, are available from 1 January in the Electronic Headquarters of the Cadastre.
So, the new year has brought this new reference value, but, for now, only for urban residential and parking warehouse properties and for rustic properties without construction with representative crops.
The so-called reference value of the cadastre in law 11/2021 is defined as the value objectively determined for each property on the basis of the data in the Cadastre, which corresponds to the most probable price for which a property could be sold between independent and unencumbered parties. This new law modifies the Cadastre Law, adapting the regulation of the Cadastre and adding that this reference value will be limited to the market value, which may not be exceeded. For this purpose, a reduction factor will be applied in its determination.
For the calculation of the reference value, the descriptive data of each urban property to be considered will be those contained in the Real Estate Cadastre, which will enjoy the presumption of certainty established in the regulations. This calculation will be carried out in accordance with the construction and location characteristics at the close of each financial year.
Any slightest error on the part of the administration between the physical reality and the imputation of the constructive characteristics or in the assignment of the homogeneous territorial scope of valuation according to the uses that correspond to the activities defined by the Cadastre, will mean that the reference value is not the one that corresponds to the real estate reality of your property and can lead to considerable increases in the liquidation of taxes.
At Euro-Funding we carry out a technical analysis of the cadastral value of properties in order to reduce all associated taxes, including IBI. We find and correct errors in the Cadastral Valuation of 80% of the properties we analyse, achieving savings of 15% on average in the IBI bill for companies, even in properties that have been previously revised.
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