With Law 11/2021 on the Fight against Fraud, a new way of calculating the value of a property is introduced in Spain:

The reference value (RV) comes into force as a real estate valuation criterion for the purposes of Transfer Tax and Stamp Duty (ITP and AJD), Inheritance and Gift Tax (ISD) and Wealth Tax(IP).

It also affects the anti-abuse clause of the Securities Market Law (current article 314 TRLMV, former article 108).

It is an administrative value calculated by the Cadastre on the basis of the data provided by notaries in real estate transactions.

In the midst of the Constitutional uproar over the error in the calculation of the Urban Land Value Tax (IVTNU and better known as municipal surplus value, the reference value (RV) is defined as "the most probable value for which a property could be sold free of encumbrances between independent parties".

According to the first studies and simulations we have carried out at Confialia, we already anticipate that a valuation that the Constitutional Court will declare null and void, and if not, ...., then so be it!

With the incorporation of this value, it will be the Cadastre itself that will resolve, ratifying or modifying the value applied, any possible contestations that may arise before the Tax Administration.

And how is the RV determined?

The starting point is the establishment of modules and coefficients that Cadastre must determine on the basis of transaction data provided by notaries and registrars .

Each area and each property has a value depending on the characteristics that appear in the Cadastre database.

How worrying is the change in the value that our dear tax administration will use from 1 January to determine the amount on which to settle the transfer tax, when we talk about buying and selling, or the inheritance tax when we refer to inheritance.

However, perhaps there is light at the end of the tunnel, in this case, thanks to the Economic Administrative Court of Castilla la Mancha (which depends on the Ministry of Finance!!!) and it argues again what other courts have already argued with regard to previous valuation methods by the Treasury: It does not criticise the verification method used, but the way in which it has been applied, without allowing the taxpayer to know the origin of the new reference value, nor having carried out an in-person action to check the specific state of the property.

do you want to check the reference value of your property?

During these days, the cadastre is already preparing to make this tool available, in particular it has already published the urban value maps ( https://www1.sedecatastro.gob.es/Accesos/SECAccvr.aspx ).


The Treasury benefits. With this new way of valuing real estate, it will no longer be necessary for the tax authorities, in the event of a discrepancy with the declared taxable base, to resort to the value verification procedure.

It is sufficient to ensure that the declared value is equal to or greater than the reference value and to regularise the self-assessment submitted if this is not the case.

However, we can challenge this valuation. The reference values can be challenged after settling the ITP or ISD that falls on the sale or transfer by inheritance or donation. Note. There are two options for this:

  • Submit the self-assessment for the reference value and subsequently request its rectification, contesting this value.
  • Or submit the self-assessment according to the value of the property and appeal against the reference value when the tax authorities initiate the verification procedure.


In view of these changes, many taxpayers who have long since acquired property at a low price are wondering whether the reference value will also affect the wealth tax (i.e. whether they will also have to value the property according to this value).

However, only properties acquired after 2022 will be affected by this change.

Confialia 's tax and legal departments remain attentive to the evolution of this matter, always with the aim of achieving the fairest possible taxation for our clients.