Catastral value of a property at Costa del Sol
On many occasions, real estate owners come to the decision of wanting to sell said property and that is when they realize that they must have various knowledge on the subject to carry out any real estate operation, including knowing the cadastral value.
This term usually sounds familiar, but what is the cadastral value really?
The catastral value is the value of the property, but defined by the criteria of the General Directorate of the Land Registry. This is an administrative registry where all buildings are registered regardless of their function. The catastral value identifies certain characteristics of the property, such as the year it was built or the square meters of the surface. The cadastral value also includes a specific building code as if it were an identity document. These data are useful when calculating some taxes such as the Real Estate Tax (IBI).
To calculate the cadastral value of a house or a building, some factors that surround it are taken into account, such as: its location, the years of antiquity, the quality with which it was built, the cost of the land, if the land is of historical character, market value, among many others.
It should be noted that the market value and the catastral value are not the same, this is because the catastral value cannot exceed that of the market. On the other hand, the modifications that the property undergoes can influence its cadastral value, so the owners are obliged to notify them.
How can you know the cadastral value of a property?
There are different ways to determine the catastral value of a property starting with whether you are the owner or not. In the case of being it it is easier but even so there are different ways to identify it.
The most common way to do it is by accessing the electronic headquarters of the castrato since, you only have to identify yourself and enter the catastral reference. In the case of not being the owner, the building can be identified by means of an infographic map and thus know useful information about the property such as: its location, the catastral reference, the use that is given, the type of use, the surface of the house and the quality of the construction, but not the cadastral value specifically.
There are other simpler ways such as:
- Through the receipt of the IBI: This tax that is charged annually is based on a fixed amount that is calculated from the cadastral value of the property in question. For this reason, this value appears on the invoice receipt. In the case of not receiving the invoice, it can be solved by contacting the town hall and requesting it,
- Calling the castrato: By making a call to the municipal castrato and providing the property’s cadastral reference data and identifying the personal data, the cadastral value can be obtained.
- Going directly to the town hall: Going physically to the castrato offices of the town hall. There you will have to identify yourself so that they can confirm if you are the owner of the home and provide the reference number. Then they will provide the cadastral value.
This record is useful when making different movements around the property and is used mainly in real estate transactions or to pay taxes.
As for real estate transactions, because when buying or selling a flat, the catastral value is used to know its real value. The rest of the market value that it reaches depends on what the buyer is willing to spend. In this type of movement there are no rules since the law of free supply and demand is followed, the only thing is that the catastral value cannot be higher than its market price.
The catastral value is also used to determine the price that the rental of a property should have.
It is also good to know the catastral value of the property when the income statement is going to be made, this is because the property takes that value into account to calculate the wealth of each person’s assets as well as to calculate how much you should pay IBI and other taxes.
The catastral value is also essential at the time that a sale of an apartment is being carried out because it helps to calculate the municipal capital gain regardless of whether your property is located in Marbella or anywhere else on the Costa del Sol, this has been a tax levied on the increase in value and transfer of goods. This tax is applied to the value of this during the transaction.
