The cadastral value is one of the terms that we like the most. But also the ones we hate the most. This is because there are times when this value can cause us to receive good news; and at the same time that we have to scratch our pockets to face the dreaded taxes.
But What is the cadastral value? What is it for? How is it calculated? Today we are going to talk to you in more detail about this term that you must know by heart.
Table of Contents
What is the cadastral value
The cadastral value is a valuation that is given to a real estate in such a way that it is established what is the value of this. For example, suppose you have a house on a fairly "rich" street. The cadastral value of that home will be high by the location, but also by how the house is.
Actually, evaluation criteria are already previously determined by each city council, in such a way that it is not the same in one city as in another, although it is very similar.
All these real estate are compulsorily registered in the Cadastre, which is the one that collects the value of all real estate. It is a free and public procedure, so you can easily consult both for something you own and others.
Cadastral value and appraisal value
There are many who, erroneously, think that the cadastral value and the appraised value are the same, when in reality they are not. The appraisal is the one used when requesting a mortgage, and this value may be higher or lower than the cadastral.
In addition, it is the one used to set the purchase or sale price of that good. And another point to take into account, the appraisal value fluctuates according to market circumstances, in such a way that at any given time it can be worth more or less.
Factors that influence the cadastral value
Although we cannot tell you everything that will influence the final figure, there are some elements that determine, to a greater or lesser extent, the cadastral value of a property. These are:
- The location or location. That is, the place where that good is and what surrounds it.
- The material used in construction. Not only that, but also the way it has been built, the cost, the quality, the age of the property ...
- Market value. Yes, the price that that real estate could reach in the market also influences in some way, either to buy it or to sell it. Therefore, you should know that the cadastral value will never exceed the market value. The problem is that this means that there must be a constant review of that cadastral value so that it is consistent with what we have said.
How to calculate the cadastral value of a real estate
Imagine that you have a real estate, be it a house, a flat, a place ... You may want to know what its cadastral value is,
To calculate it, You have to add both the value of the land and that of the building. To this must be added some specific criteria determined by the ordinances of the municipalities. That is why we cannot tell you exactly a formula, but it is best to know what those evaluation criteria are and the following data:
- Land value.
- Construction value.
- Location of the property.
- Quality and age of the property.
- Historical, cultural, artistic value.
- Production expenses.
- Market value.
In any case, you do not have to go crazy asking for these data, because there are two ways to know the cadastral value without having to do calculations. These forms are:
With the IBI receipt
As you know, all real estate has to be declared in the Cadastre and, under the cadastral value, you have to pay taxes, right? Well, in that IBI receipt, which is paid annually, the property's cadastral value is reflected.
Not only that, but It breaks down, on the one hand, the value of the land where you have built; and, on the other, the value of the construction.
In case you don't have the receipt handy, but you do remember how much you paid, you can easily calculate it. Of course, you have to know what the tax has been applied to you (you discover that in the Property Registry).
With the cadastral reference
Another way to obtain the cadastral value of a real estate is with the cadastral reference, that is, with a twenty-digit code that identifies each asset. If you have it, either online or by calling the Cadastre, they can give you the number you want to know.
How to request the value in the Cadastre
As we have said before, the cadastral value is not a "private" or hidden figure. It is public and, whether or not you are the owner of that public asset, you can access certain information.
Of course, it is not the same that you are a holder than that you are not. If you are not the owner, the only data that you will be able to access are the following:
- Cadastral reference.
- Use or destination.
- Harvesting class.
- Construction quality.
The request for this value can be made online or by phone and for this you have to contact the Cadastre, which is the body that manages all this data.
Before we have told you that the cadastral value is important for taxes. And it is that, based on this you will pay more or less. Specific, taxes affecting the value of real estate are:
- Personal Income Tax (Personal Income Tax).
- IBI (Real Estate Tax).
- IP (Wealth Tax).
- Municipal capital gain (Municipal tax on the value of the land).
- Inheritance and gift tax.
- ITPAJD (Tax on patrimonial transfers and documented legal acts).
Is the cadastral value clearer to you now? Remember that, if you have doubts, the Cadastre can help you know why your real estate has that value and not another.