We have recently been asked so frequently to explain what IBI and cadastral value means that we thought that we thought that it would be a good idea to set the whole thing out for the readers in clear terms.
The amount of IBI that you pay every year is determined by the catastral value of you property. The catastral value is determined objectively for every property from the building information in the Catastral Registry and will be the total of the catastral value of the grounds and the catastral value of the built property.
In order to determine the catastral value the following criteria is taken into account:
a) The location of the property, the urbanistic circumstances (designation) of the grounds and its suitability for the production;
b) The cost of the construction materials, the fees of the contractors and professionals and other construction costs, the use, quality and age of the building, including the historic or artistic character or other characteristics of the buildings;
c) The production charges and fees of the promotion company, or factors which correspond to supuestos de inexistencia of said promotion;
d) The circumstances and market values;
e) Any other relevant factor determined in accordance with the law.
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mhayes Property law catastral value, IBI, properties, tax
The making of proper pre-contract enquires is a basic and sound step to ensure a smooth transaction that protects your interests as the purchaser and the interests of the vendor while also ensuring that you can avail of the professional assistance of the estate agent to best advantage. This is a fundamental process that should be part and parcel of the decision to place a deposit on a property and indeed should form the basis of the terms upon which such a deposit is given. Although to many the term “pre-contract enquiries” may seem like an aloof legal term, the process merely serves to assist the purchaser and the vendor to reach an agreement in a more efficient manner by bringing to light the true nature and circumstances of the property that is being sold. The advantage of making such enquires is that the process of purchasing or selling the property moves efficiently while at the same time it minimises the risk of the deal falling through at the final stages. Ultimately, the process should protect against a last minute insurmountable problem coming to light on the proposed day for the signing of the escritura pública (title deeds) at the notary’s office with all the financial consequences that this may entail.
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mhayes Property law Contract Enquieries, deposit contracts, poveda hayes, property Spanish law