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What is a property's value for tax purposes and how is it worked out?

The value for tax purposes is the value that the authorities assign to a property and is recorded in the Property Tax Register, an administrative registry held by the Ministry of Finance. This value is obviously mainly used for taxation such as calculating taxes (Property Tax, Income Tax, Municipal Capital Gains Tax, etc.).

How it is worked out?

The Tax Agency calculates it by looking at several factors:

Where the property is
Its floor area and age
Land use
Construction quality
Urban or rural location
Actual cost of construction and land value

This value cannot be greater than the market value and is regularly updated using coefficients approved by law.

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