What you need to know about the reference value when buying a property in Spain?
It is the value determined by the General Directorate of Cadastre as a result of the analysis of the prices of all property sales and purchases made before a notary public, based on the data of each property, as recorded in the Real Estate Cadastre.
The reference value of a property is one of the economic characteristics of its cadastral description.
The reference value shall not exceed the market value. For this purpose, a reduction factor will be applied in its determination.
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What is the reference value of a property in Spain?
The reference value is an objective valuation assigned to each property by the Directorate-General for the Cadastre, based on actual sale prices recorded before a notary. It serves as the minimum taxable value for taxes such as the Property Transfer Tax (ITP) or Inheritance and Gift Tax, without exceeding the market value.
How is the reference value calculated?
The Cadastre uses a statistical analysis of recent sale prices in the area for similar properties (square metres, age, etc.). A discount factor is applied (e.g. in 2022) to ensure that the value does not exceed the market value.
Urban properties
In the case of urban property, the Directorate-General for the Cadastre calculates the reference value of a specific property based on the average value module applicable to the area in which it is located, taking into account, amongst other factors, differences in category, age and state of repair between that property and the representative property to which the module refers. For this purpose, the cadastral valuation regulations are used on a transitional basis.
Rural properties
In the case of undeveloped rural land, the reference value is calculated on the basis of the average value module, taking into account its characteristics and the location, agronomic and socio-economic adjustment factors set out in the relevant annual property market report.
What taxes does the reference value affect?
The cadastral reference value in Spain serves primarily as the minimum taxable base for Property Transfer Tax (ITP) on second-hand property sales, Inheritance and Gift Tax (ISD) and Wealth Tax (for properties acquired from 2022 onwards). It also affects Stamp Duty (AJD).
Transfer tax and stamp duty (ITP and AJD)
The ITP/AJD is calculated by taking the higher of the registered price and the reference value set by the Land Registry in Spain.
Inheritance and gift tax (ISD)
The Cadastre reference value serves as the minimum taxable value for Inheritance and Gift Tax (ISD) on property, replacing the actual value.
Wealth tax
In Spain, the Cadastral reference value serves as the minimum valuation basis for Wealth Tax on properties acquired on or after 1 January 2022. If this value exceeds either the purchase price or the cadastral value, the tax authorities will require taxation to be based on the reference value, which will increase the declared net wealth.
Reference value vs. cadastral value: what's the difference?
The cadastral value of real estate is updated, where applicable, by the General State Budget Laws and serves as the taxable base for Real Estate Tax. It is protected data and is therefore not published, and its revision takes place, in the case of urban properties, within the framework of collective valuation procedures.
The reference value of properties is determined year by year, simultaneously in all municipalities, and will be used to determine the taxable base for Transfer Tax and Stamp Duty and Inheritance and Gift Tax. It is not protected and is permanently published in the Electronic Headquarters of the Cadastre.
How to find out the reference value of your property
There are several ways to contact the Cadastre offices in Spain:
Online via the Cadastre electronic headquarters
The reference values of properties are available at the Electronic Headquarters of the Cadastre https://www.sedecatastro.gob.es/ from 1 January 2022, in accordance with the provisions of the third final provision of the revised text of the Law on Real Estate Cadastre.
At this site, cadastral titleholders can also find out the elements that have been applied in the individualised determination of the reference value of their properties.
By phone or in person
Likewise, the reference values are provided through the Cadastre Hotline (telephone numbers +34 91 387 45 50 and +34 902 37 36 35) and at the Cadastre Offices, which can be contacted by making an appointment at the aforementioned telephone numbers.
To do so, citizens must identify themselves by means of the details of their National Identity Document.
How Brassa Homes® helps you understand property values before you buy
Brassa Homes® est.1979 committed to providing accurate, high-quality information:
Recent sold properties (not just asking prices)
Similar homes in the same area (size, views, condition)
Price per m² benchmarks
👉 This gives you a realistic market range, not inflated listing prices.
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