DIFFERENCE IN VALUE BETWEEN PRICE PAID AND ESCRITURA VALUE

Viewing 3 reply threads
  • Author
    Posts
    • October 16, 2007 at 12:22 pm #53408
      Anonymous
      Participant

      We paid 180,000 euros for our property, but on the deeds the value is 20,000. Do you think

      a) this is reasonable in Spain – what sort of values do other people have
      b) should we use this value for calculating taxes or use the higher catastral value?

      many thanks

    • October 16, 2007 at 12:32 pm #75667
      Inez
      Participant

      My goodness! How long ago was that? Its illegal to underdeclare and although the authorities were tunring a blind eye to around 20% underdeclaration, now theres no way its allowed!

      You will need to use the higher catastral value and when/if you decide to sell, you may well be lumbered with the captial gains tax on the profit, even though its effectively your money!

    • October 16, 2007 at 12:36 pm #75668
      Anonymous
      Participant

      Yes, it’s totally amazing – it was only 4 years ago we bought it. Hopefully we won’t be selling until we’re over 65!! He was very crafty who we bought it off and the solicitor wasn’t much better.

    • October 16, 2007 at 2:29 pm #75671
      Anonymous
      Participant

      Hi Inez
      Why should we use the catastral value instead of the escritura value? The solicitor who did it the first year used the escritura value?

  • Author
    Posts
Viewing 3 reply threads
  • The forum ‘Spanish Real Estate Chatter’ is closed to new topics and replies.