MORE than a million homes and businesses face property tax rises of up to 10 per cent under new government measures.
Around eight out of 10 properties in Malaga will be affected by the increase in IBI, with the cadastral values used to calculate the tax increasing by between four and 10 per cent.
Towns including Torremolinos, Ronda and Antequera will be worst affected, while Benalmadena, Velez-Malaga and Estepona are among those facing a more modest increase.
Since property prices have fallen so much, the amount of proeprty tax should actually be less because the value of the property has lessened, and the ratable value will therefore also be less.
The valuations are all wrong and yet no town hall wants to revalue the properties in their region since they’ll lose more revenue. Where is the fairness in this?
Fred,
there isn’t any but the Spanish are in a really big hole and the only way they can see forward is to screw as many of the ‘non elite’ as they can.They are demanding Eurobonds be created as their own paper is actually worthless. Don’t be fooled by the lower rates on their latest bond issues – wait till Greece defaults (about time).
Incidentally did others see that one of the directors of Banco Santander is retiring with a €56 million retirement pot.
Its a joke the cadastral values in some towns have not been updated in over 10 years and in some cases more.
In my opinion Spain will be going back to the peseta within one year from now. You heard it here first.
I have been told that on the 1st January 2013 the tax i pay when selling my property in Spain will rise from 3% to 10% is this true
It could be Linda … or it might not be, but it is definitely the case you’ll lose BBC channels next summer unless you buy a 3m dish.