Since January 1, 2022, anyone who buys, inherits, or receives a property in Spain must be very aware of a new key piece of information: the reference value. This figure, established by the Directorate General for the Cadastre, has completely changed how taxes are calculated in this type of transaction.
And why does it matter so much? Because now, if you buy a home for €180,000, but the reference value is €165,000, taxes are not calculated on what you paid, but on the higher of the two values. That is, you have to pay tax on €180,000. This value serves as the basis for important taxes such as ITP, AJD, or Inheritance and Gift Tax.
In this article, we will clearly see what the reference value is exactly, how it is calculated, how you can consult it, and what implications it has when buying or inheriting a property. Let's go step by step.
The reference value is established by the Cadastre based on the real purchase and sale prices signed before a notary. They analyze these transactions and cross-reference the data with the characteristics of each property registered in the Cadastre: surface area, location, age, use, etc.
The idea is to obtain a figure that is quite close to the market price, but without exceeding it. For this, they apply a "reduction factor," which adjusts the calculation downwards and ensures that the value is not higher than the real market value.
This value is not the same as the cadastral value, which is used for IBI (property tax). The reference value is used to calculate taxes when a transfer of the property occurs (sale, inheritance, donation...). And yes, it directly affects what you will pay to the Tax Agency.
Because it has become the minimum base for calculating certain taxes. If you buy or inherit a flat, the Tax Agency will require you to pay tax, at a minimum, on the reference value, even if you paid less. Only if the price you pay is higher is that other amount taken as a reference.
Specifically, it affects the following taxes:
Property Transfer Tax (ITP)
Documented Legal Acts Tax (AJD)
Inheritance and Gift Tax (ISD)
And in some cases, also Wealth Tax (for properties acquired since 2022)
In addition, this value is reviewed annually based on data from notarial sales. This keeps it updated and closer to the reality of the market.
You have several ways to find out the reference value of a property:
This is the most convenient option. Go to www.sedecatastro.gob.es, access the "Reference Value" section, and make the query with your digital certificate, electronic DNI, or Cl@ve. You only need your NIF (tax identification number) and the cadastral reference of the property.
You can call 91 387 45 50 or 902 37 36 35 (Monday to Friday, from 9 am to 7 pm). They will ask for your ID to verify your identity.
You can also go to the Cadastre offices. However, you need a prior appointment and must bring your ID and the cadastral reference (or the property address) with you.
The value is calculated based on real purchase and sale prices, grouped by homogeneous zones. Each zone has an assigned average value module. Adjustments are applied to this according to the specific characteristics of the property (for example, if it is renovated or older). And then, the famous reduction factor (currently 0.9) is applied.
Suppose a 150 m² house in a consolidated area, 10 years old and in good condition. If the average value module yields a value of €300,000, after applying the reduction factor, the reference value would be €270,000.
These values and the criteria for calculating them are published on the Cadastre website. You can consult them if you want more detail.
Yes. Not all properties have a reference value. For example:
Commercial premises, offices, industrial buildings...
Properties in poor condition or in ruins
Undeveloped land
Properties for cultural, religious, or healthcare use
In these cases, taxes are calculated on the highest of these three values: what is declared, the real price, or the market value.
Although they sound similar, they are different things:
| Aspect | Cadastral Value | Reference Value |
|---|---|---|
| Main use | IBI (Property Tax) | ITP, AJD, Inheritance and Gift Tax |
| Update | According to State budgets | Annual, based on sales |
| Access | Only the owner can consult it | Public |
| Calculation method | Less close to the market | More adjusted to the real price |
If there are differences between the two, the Tax Agency will apply the reference value to calculate taxes on property transfers.
The reference value is here to stay. Since 2022, it has been a key piece in understanding how much you will pay in taxes if you buy, inherit, or receive a property. Consulting it is simple, and taking it into account can help you better plan any real estate transaction.
However, if your property does not have this value assigned or you have doubts about its application, it is best to seek help from a specialized advisor. Because although the system is more transparent than before, it is also more technical... and it is best not to remain in doubt when so much money is at stake.
