Reference value:

Selling a property involves paying taxes, that is not new. But what does surprise many owners is discovering that the Tax Agency can demand more than expected for a sale... even if they have correctly declared the price.
What is the reason? The famous reference cadastral value. We explain how it works and why you should pay attention to it if you are going to sell.

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What is the reference value of the Cadastre?

Since 2022, all properties have been assigned a reference value, calculated by the administration based on sales statistics without the need to visit the property. This value aims to reflect the "market price", although in many cases it may differ from reality.

The key is that this value becomes the minimum basis for calculating various taxes. If you sell or buy for a lower price, the Tax Agency can impose the higher value to collect more.

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The impact on the buyer: higher ITP

Let's imagine a sale in Catalonia, where the buyer must pay 10% ITP (Transfer Tax).

• Agreed price in deed: 150,000 €

• Reference value of the property: 190,000 €

Even though the buyer paid 150,000 €, the ITP will be calculated on 190,000 €.

Result: the buyer pays 19,000 € in taxes instead of the expected 15,000 €.

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⚠️ And the seller? They also lose out

What not everyone knows is that this value is also used to calculate the seller's IRPF.
Specifically, it is applied to determine the gain obtained in the sale, which is taxed as a capital gain.

Let's see how it affects:

Gain = Transfer value – Acquisition value

If the Tax Agency understands that the property "is worth" 190,000 €, even though it has been sold for 150,000 €, it will use that higher value as the basis for calculating the gain. Therefore, the seller will have to pay more IRPF.

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Practical Example

• Declared selling price: 150,000 €

• Cadastral reference value: 190,000 €

• The Tax Agency considers that the seller has gained 190,000 €, not 150,000 €

➡️ This artificially increases the capital gain
➡️ And with it, the tax bill also rises in the income tax return

Even if the seller has never received the 190,000 €, the Tax Agency treats it as if they have.

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Can it be claimed?

Yes, but the process is neither automatic nor easy. The seller must prove that the actual price accurately reflects the market value. To do this, the following can be provided:

• Independent expert appraisals

• Comparisons with recent sales in the same area

• Technical reports on the condition of the property

• Justification of payments and signed contracts

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✅ Conclusion: review before signing

The reference value is not just a technical detail: it can drastically influence the taxes you pay, whether you buy or sell.
That is why, before closing a real estate transaction, it is advisable to:

✔️ Check the reference value of the property on the Cadastre website
✔️ Calculate the real tax impact for both parties
✔️ Seek professional advice if the reference value exceeds the agreed price