The Ministry of Finance will publish maps that will help determine the reference values of properties in 2022
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The Ministry of Finance led by María Jesús Montero has indicated that the values will become the taxable base for taxes such as Property Transfers, Legal Acts, and Inheritances and Donations, which will be published in maps corresponding to the reports of the urban and rural real estate market of 2021.
This new indicator will not lead to a tax increase nor will it modify the Property Tax (IBI) nor will it have a retroactive effect, as it comes into force on January 1 of next year, 2022.
In the case of urban real estate, the General Directorate of the Cadastre will calculate the reference value of a specific property taking into account various criteria, such as differences in quality, age, and state of conservation between this property and the representative real estate product to which the average value module refers. For this, the cadastral valuation regulations will be used temporarily.
In the case of rural properties without construction, the reference value will be calculated based on the average value module, depending on their characteristics, and the corrective factors for location, agronomic, and socioeconomic factors determined in the annual real estate market report.
In any case, the reference value will be different from the cadastral value, so it should not affect the current cadastral values in any way, nor the taxes whose taxable base is that indicator, such as the Property Tax (IBI).
Therefore, the reference value will only affect those who acquire a property from January 1, 2022, and at the same time have to pay taxes, either for the Tax on Property Transfers and Documented Legal Acts, or for the Inheritance and Donations Tax.
Likewise, it could only affect the Wealth Tax regarding properties acquired from the entry into force of the regulation, in no case will it affect pre-existing wealth.
This regulation responds to the need to resolve management problems of these taxes, caused by the litigation that the taxable base defined as real value had.
