Different Property Values used in the Sale Process
During the sales process you will come across different property values. Your agent and lawyer will handle all of these but we have listed them for your general understanding.
A market appraisal by a real estate agent or property valuer giving the approximate current market value.
The value assessed by a bank for mortgage purposes.
The Catastro office deals with the location, physical description and boundaries used to calculate your property value (valor catastral) which is used when calculating your annual IBI tax (property council tax).
Declared Sales Price
The declared sale price / value of the property which all costs and taxes are based on, except when superseded by Fiscal Value.
The minimum value assessed by the tax authorities that should be declared as a purchase price on the tittle deeds.
Plus Valia Tax
This is a local tax on the increased value of the land the property sits on, its worked out on the gains in land prices since the date first purchased to the date sold. This is not usually a very expensive tax but depends on where the land is and how long it has been owned. High value areas like beachside properties, which have been owned a long time can bring higher taxes.