How a flat is valued in an inheritance
One of the many issues to resolve when you inherit a flat is the valor it will be given in the inheritance.
The flat's value will determine how much we have to pay in inheritance tax, as well as the other costs arising from the inheritance.
It's best not to get it wrong when valuing a flat in an inheritance, because if you've given it a value below the minimum set by the Junta de Andalucía, it will very probably send you a claim as the value isn't correct.
Discover the keys to valuing a flat in an inheritance and avoiding problems with the authorities.
What value is used in an inheritance for inheritance tax?
The value assigned to a flat in an inheritance is set by the autonomous community where the home is located. This value is called the tax value.
You can calculate the tax value in different ways:
- By checking on the web de la Junta de Andalucía the section on tax value calculation.
- By requesting the value in persona at the Junta de Andalucía.
- By consulting a tax advisor.
- By consulting a qualified estate agent for this.
Many taxpayers choose to ask their autonomous community in person, which avoids later problems and claims.
To do this, you'll need to book an appointment with the Junta de Andalucía's Treasury Department and ask for the tax value in writing.
You can provide that document in the deed of inheritance allocation, ensuring the outcome is correct at all times.
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Who values an inheritance?
The value assigned to a flat in an inheritance is called the tax value. This value is set by the autonomous community where the home is located according to its own criteria.
To calculate it, you multiply the home's cadastral value in the year of the deceased's death by the set coefficient.
For example:
- Cadastral value: 45.000 €
- Multiplier coefficient: 1’41
- Tax value = 45.000 € X 1’41
- Value for an inheritance: 63.450 €
When is an inheritance valued?
The value to be assigned to an inherited home is set at the signing before the notary and when paying inheritance tax.
When declaring todos los inherited assets is when they must be given a value. This is how the value of the inheritance and the inheritance tax are calculated.
If you assign the asset a lower value than the one set by the Junta de Andalucía, it may claim the difference from you.
In that case you'll need to request a review of the value by an expert or valuer, who will provide a report with the current value given the home's condition.
If you'd like completely free advice, contact us through the following link Free valuation or contact us at valoracion@valoracasa.es
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