-1.8 C
New York
0.6 C
Washington D.C.
Sunday, February 5, 2023

The “catastrazo” increases taxation by 17% on the sale of used homes


The new reference value of the cadastre, which has been in force since last January, has meant that the taxation of second-hand house sales has risen by 17% above the actual market value in six months. The data was compiled by the National Federation of Real Estate Associations (FAI) after analyzing the short-term impact of this new rating system. The well known catastrophedetermines in particular the tax base for the tax on property transfers and notarized legal acts as well as the inheritance and gift tax. In short, it affects the joint real estate transactions.

The study, based on a survey of 427 real estate agencies from the various Autonomous Communities in the first half of the year, concludes that 76% of the companies were involved in sales whose market reference value of the cadastre was higher than the actual transfer value in writing operations. The average increase between the two values ​​was 19%.

On the part of the association, they emphasize that this new system implies an unfair and new “tax burden” and an additional burden for buyers, which will discourage or even stop some purchases, “especially for people who want to acquire their first habitual residence and in a current complex economic context characterized by inflation at historically high levels,” the company said in a statement.

The FAI also emphasizes that the catastrophe It does not adapt to real market parameters because it does not take into account essential aspects of a sale, such as the state of renovation of the house or the interior layout of the houses. In short, this benchmark groups properties according to the age of the building, its location, the quality of construction, its historical-artistic character or the cost of the land on which it is located. But it does not cover questions such as B. whether the home has been recently renovated so it may distort the value of some properties.

However, the buyer has the right to request a cadastral value verification if he disagrees with the Treasury’s thesis. However, they point out from the FAI that the fact that the taxpayer has the burden of proof to prove the value of the property acquired could be construed as calling into question the veracity of the notarial public belief in market sales representing the majority , consequently “could be considered a confiscatory and unconstitutional practice, as some experts have already warned”.

In this context, the association calls for the new system of cadastral valuation to be reviewed in order to better adapt it to the reality of the market and for it not to take precedence over the transfer value in the sales contracts.

At the same time, real estate agencies believe that property transfer tax (ITP) is a recurring tax on any transfer by sale, therefore it should be exempted in the case of a non-luxury first habitual residence to favor emancipation and access to the home property.


Source elpais.com

Latest article