Spanish Income Tax
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That time has come round to pay the taxman his due. I have been suprised this time to find that my depreciating property has been re-valued upwards by around 30% and my income tax liability has nearly doubled. As a non resident who does not rent out his property this is another burden I could have done without. Has anyone else had a similar experience? Incidentlt if I thought I could sell at the new Tax valuation I would do so.
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Is there any mechanism to appeal the assessment ?
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Hi Phil,
Thanks for PM.
I know that "rateable value assessments" need to be supported by comparable rental values & there is both an objection & appeals process. The onus is on the authorities to present evidence & support their assessments.
Good luck,
Harry
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Phil
Sorry but not using the correct names for the things you are asking about does not help.
Do you mean Valor Catastral has been re-valued ?
Income tax, Do you mean non residents property tax ?
The non residents property tax, is nothing to do with letting a property. It is the ‘imagined’ income’ you get as you have somewhere to stay rent free. If you let it then that is income and is taxed at a higher rate (I think its is 24% on all the gross amount collected)
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