The new reference value of the cadastre, in force since last January, has caused the taxation of second-hand housing sales to increase by 17% in a matter of six months above the real market value. The data has been compiled by the National Federation of Real Estate Associations (FAI) after analyzing the short-term impact of this new valuation system. The one commonly known as catastrazo, in particular, marks the tax base of the tax on property transfers and documented legal acts and the tax on inheritance and donations. In short, it affects the common real estate operations.
The study, based on a survey of 427 real estate agencies from the different autonomous communities in the first half of the year, concludes that 76% of the entities have been involved in sales whose market reference value of the cadastre has been higher than the actual transmission value in writes. The increase between the two values has been, on average, 19%.
From the federation they emphasize that this new system supposes an unfair and new “tax burden” and an extra outlay for buyers, which will discourage or may even stop part of the purchases, “especially among people who want to acquire their first habitual residence and in a current complex economic context marked by inflation at a historical maximum”, according to the entity in a statement.
The FAI also emphasizes that the cadastre is not adjusted to real market parameters, since it does not take into account essential aspects in a sale such as the state of reform of the house or the interior distribution of the houses, among other factors. This reference value, in short, groups the properties according to the age of the building, its location, the quality of the construction, its historical-artistic character or the cost of the land on which it is located. But it does not cover issues such as whether the house has been recently renovated, so it can distort the value of some properties.
The buyer, however, has the right to request a review of the cadastral value if he does not agree with the thesis of the Treasury. However, from the FAI they point out that the fact that the taxpayer has the burden of proof to demonstrate the value of the property acquired could be interpreted as questioning the veracity of the notarial public faith in market sales, which are the majority. , and, consequently, “could be considered a confiscatory and unconstitutional practice, as some experts have already warned.”
In this context, the federation asks that the new system for calculating the cadastral value be reviewed to adjust it more to the reality of the market and that it not prevail over the transmission value in the deeds of sale.
In parallel, real estate agencies believe that the Property Transfer Tax (ITP) is a repeated tax in each transfer by sale, so it should be exempt in the case of a non-luxury first habitual residence in order to favor emancipation and access to home ownership.
#catastrazo #increases #taxation #sale #secondhand #housing