What's our House value?

[harry]

sorry for this but trying to finally sort out our wealth tax when we come over in a couple of weeks.

Got a financial company to help but they need the
"value of the property shown in the Title Deed".

We have a copy (copia simple) of the deeds & have found the section we believe gives this amount but can't make decide which is the one to use as there are values given in the Primera & Segunda sections.

If possible could someone please take a look at this, we think it's the Primera one which looks like 75,000 euros?

Heres the link, hope it's clear enough -

http://www.harryajh.pwp.blueyonder.c...emp/Image3.gif

[Doc]

Hi Harry.

Sorry, mate. Don't know the answer but a) would be interested in knowing as I have to do mine later in the year, and b) wonder why the financial company you're using don't know the answer from the document that you scanned?

I know that the tax is based on the greater of the Catastral value or the Escritura value, so would assume it is the amount that you paid for the property (less any black money, and any outstanding mortgage balance).

Chris.

[janzon]

The price was 61,101.21 out of which 57,096.15 was paid and 5% i.e. 3,005.06 was retained towards sellers tax liability

[harry]

Doc, the company haven't seen this document, just trying to get this clear in my head before we go there!

janzon, many thanks for that, makes sense now!

cheers

harry

[rojodiablo]

Tax

Janzon - looking at your figure of 61100,21 - I assume you have no mortgage? To work it out if you had a spouse or partner on the deeds you would make two declarations, one each - so 61100,21 divide by 2 = 30550.10 - x 0.2% = 61 euros - then you have the income tax renta based on rateable value of property as stated on your IBI - this would be 1.1% x 25% of that value and is proportional so if you bought in June you would pay only 6 months - again paid in arrears for previous year. Just on the wealth tax again if you do have a mortgage you deduct the amount of outstanding mortgage as at 31 Dec from your renta statement before calculating e.g. if you had a 20k mortgage with say a balance of 19750 you would deduct that amount from the 61100,21 before calculating. regards

[janzon]

Rojodiablo

It wasn't my property, I was merely translating the escritura posted in this thread.

Anyway, don't you use your "Valor Catastral" to work out your wealth tax rather than the value on the deeds?

[rojodiablo]

Tax

Thats ok - don't forget there are two parts to the IRPF - the wealth tax (patrimonio) and the Renta (income tax) you use you valor catastral from your IBI (rates) document to calculate the second part Renta (income tax) part of your declaration - for the first part wealth tax you should use the value in the escritura or the actual purchase price whichever is the higher (not that everyone does) - it is quite easy to fill in the Modelo 214 using these figures - regards