What is the reference value of a property in Spain?

For the purpose of determining how much is to be paid for both Transfer Tax and Stamp Duty and Inheritance and Gift Tax in Spain, on numerous occasions, the determination of this “real value” has been the subject of controversy and litigation.

In this sense, the Spanish Supreme Court has established as a jurisprudential doctrine that when there is a market for the goods in question, the “real value” coincides with the “market value”.

How the reference value of a property is established in Spain?

It will be the Directorate General of Cadastre that will determine objectively and with the limit of the market value, from the data in the Cadastre, the “reference value” of a property in Spain. This is obtained as a result of the analysis of the prices reported by public notaries in the sale and purchase of real estate.

In this sense, in the transfer of real estate, if the value of the property declared by the interested parties, the price or consideration agreed, or both, are higher than the “reference value”, the higher of these magnitudes will be taken as the taxable base.

When there is no “reference value” or this cannot be certified by the General Directorate of Cadastre, the taxable base, without prejudice to administrative verification, will be the higher of the following values:

  • The value declared by the intervening parties
  • The agreed price or consideration
  • Market valueThe “reference value” of a property in Spain will be the minimum taxable base for Transfer Tax and Stamp Duty (ITP and AJD) and Inheritance Tax.

    From AB lawyers, lawyers and accountants in Marbella, we encourage you to contact our lawyers specialized in property sales in cases where you have doubts about the “reference value” of the property in Spain that you wish to purchase.



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