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What is the new cadastre reference value

April 21, 2022
On January 1, 2022, Law 11/2021, of July 9, on measures to prevent and fight against tax fraud came into force and with it the Reference Value comes into play, which will be the taxable base of Transmission Taxes Assets (ITP) and Inheritance and Gift Tax (ISyD).
The Reference Value of a property is determined annually by the General Directorate of the Cadastre as a result of the analysis of the prices of all property sales that are made before a notary, based on the data of each property in the Cadastre. real estate
By definition, this Reference Value will not exceed the market value and, for this purpose, the reduction factors determined by Ministerial Order will be applied to the calculated values.
The Cadastre Reference Value is the taxable base for paying taxes on the purchase, inheritance or donation of a second-hand home.

What has changed in the “tax base”?
The tax base is no longer the "real value", a concept so indeterminate that it was used until now, to become "market value", which will be determined by the Cadastre Reference Value.
All transactions carried out as of January 1, 2022 will be taxed based on the Cadastral Reference Value and will only be taxed for the deeded value if it is greater than that.
Until now it was the treasury who was in charge of contesting those values declared by the taxpayer if he understood that it had been deeded and therefore taxed for a value lower than the "real value" of the property. Now, however, it falls to the taxpayer to prove that the market value of the property is less than the Cadastral Reference Value for which they have to pay taxes.

How does Cadastre calculate the Reference Value?
The reference value of the real estate will be determined annually by applying average value modules, based on the prices of all real estate sales actually carried out before a notary public or registered in the Land Registry, and obtained within the framework of the annual reports. of the real estate market prepared by the General Directorate of Cadastre.
The territory will be divided into so-called homogeneous territorial areas of valuation, which will correspond to a module (€/m²) according to the type of dwelling, built area, construction quality, age of the building and average state of conservation of the purchases of the property. zone.

Is this Reference Value a Market Value?
The Reference Value is based on average values and does not take into account the circumstances of the property and therefore it does not seem that it can be equal to the Market Value that is specific to each property.
Thus, the Reference Value will not take into account characteristics of the property such as quality of finishes or installations, state of conservation, orientation, views, distribution, etc., which may cause the market value of the home to be lower than the Reference Value. calculated on the data in the cadastre and based on average sales values.

Where can I check the reference value?
In the electronic headquarters of the Cadastre, reference value section, a direct space is enabled for queries. The taxpayer must identify himself with a DNI or by other means such as a digital certificate, the Permanent Cl@ave or a 24-hour PIN.
In this link you can access to consult Reference Values.

Can the Reference Value be used?
Whenever we believe that the Reference Value of the home for which we have to pay taxes is higher than the Market Value, it is advisable to request rectification by providing an appraisal of the property carried out by a specialist who will take into account all the evaluable characteristics of the property. , through a physical inspection of the same, as well as the contribution of an updated market study.