Real Estate
Real Estate Tax (IMI)
Aggravated IMI rate does not apply in case of natural disaster or calamities
In the case of real estate which conservation status results from natural disaster or calamity, the aggravated IMI rate (to the triple) does not apply. This aggravated rate applies to buildings vacant for more than one year or in ruins. The same is valid for the additional increase of the rate by 30% in the case of degraded buildings.
Building for local lodging and residential building located in urban pressure areas
Municipalities are allowed to increase the IMI rate applicable to buildings or part of buildings located in urban pressure areas as follows: (i) up to 100% in the case of buildings for local lodging; and (ii) up to 25% in the case of residential buildings that are not rented or allocated to the taxpayer’s permanent abode. The increase can go up to 50% if the taxpayer is a collective person or other equivalent entity for tax purposes.
Vacant buildings located in urban pressure areas
The increase of rate for vacant buildings located in urban pressure areas applies to buldings that are vacant for more than one year (formerly, two years)
The aggravated rate - 12 times the IMI rate for urban building - can be increased upon decision of the municipality as follows: (i) by 25 % in the case of residential urban building or unit that is not rented or used for permanent abode in the year concerned; (ii) by 50 % if the taxpayer is a collective person or other equivalent entity for tax purposes.
Real Estate Transfer Tax (IMT)
The IMT taxable basis includes the value of cryptoassets
The value (as assessed under the Stamp Tax Code) of the crypto assets given in exchange shall correspond to the value of the act or contract for the purpose of assessing the Real Estate Transfer Tax taxable basis.
Assessment of the IMT on the transfer of residential urban property
There is an update by 4% of the brackets for assessment of the IMT rate applicable to the transfer of urban property, or building units in urban property, exclusively for residential use.
As a result of this amendment, IMT is only due in the case of an acquisition of an urban property or building unit in an urban property, exclusively for permanent residential use, is the taxable basis exceeds EUR 97,064 (formerly, EUR 93,331).
Exchange of real estate
In the case of exchange of real estate, an existing rule establishes that for the purposes of assessing the taxable base it is considered the disclosed difference in amounts if higher than the difference between the tax registered values. This rule does not apply to real estate exchanged that is transferred within one year after the exchange. The original exchanger must file a standard form (“Modelo 1 de IMT”) within 30 days upon the transfer.
If the exchange does not include the whole real estate or in case of an exchange of rights in rem of said real estate, as well as in the case of a separate exchange of said rights in rem, the taxable basis considers the rate applicable to the full amount of the real estate, taking into account the part of the real estate or the right that is being exchanged.
Exemption on the acquisition of real estate for resale
For the purposes of applying de exemption on the acquisition of real estate for resale, it is assumed that the taxpayer usually and habitually carries out such activity if in each of the two previous years he resold real estate acquired with that purpose (formerly it was only required that in the previous year a building was acquired for resale, or the sale of real estate acquired with that purpose).
Said amendment does not preclude that in the case the real estate is resold, not for resale, within three years, there is a refund of the tax paid on the acquisition.
“The value (as assessed under the Stamp Tax Code) of the crypto assets given in exchange shall correspond to the value of the act or contract for the purpose of assessing the taxable basis for Real Estate Transfer Tax.”
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