It is the value that is taken as the taxable basis of the tax on patrimony transfers and documented legal acts, as well as the tax on inheritances and donations.
The fact of carrying out any operation below this value, the tax administration may carry out a supplementary settlement and even initiate a sanctioning file.
Law 11/2021, of 9 July, on measures to prevent and combat fraud.
What is the benchmark value of a property?
It is the value determined by the General Directorate of the Cadastre that arises as a result of the analysis of the prices of all real estate sales that are made before the Notary, according to the data of each property, working in the Cadastre Real Estate. It must not exceed the market value, being that for this purpose a factor of reduction is applied in its determination.
However, it could be the case that a property is sold below the reference value. In this case we would have to justify this value to the tax administration, by means of any valid proof in law (assessment, photographs of the state of the property at the time of sale, etc. . . )
If you do not agree with the reference value, we can help you demonstrate to the tax administration the error in determining the value.
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