How is a house or other piece of real estate valued for inheritance? Is it the price in the sale agreement, or some other value? Prices have gone down so much and, in some places such as where I live, about 20-25% of proper6ties are for sale, but nothing has sold in the last two or three years, sssssso my house would sell for only half what it cost and less than is on the documents from the notaría, so what is its value for tax?

I'm thinking I should leave it to an associación or NGO, as it would be a burdensome legacy to my children. They'd have all the rouble of coming out here, one is disabled the other a single parent, they'd have to arrange everything, pay the taxes and end up with enough to buy an ice-cream.

It's all so complicated and I haven't found lawyers or anyt¡one at all helpful.

The lowest figure that the tax office will accept is based on their valuation. They use a really crude method based on the current catastral value, multiplied by a factor which varies from locality to locality.

The factor varies between about 1 and 5 times the catastral value. In some cases the value will be below the current market value and in some cases more. If it is more, then it is possible to appeal the valuation.

Depending on where the property is located and its value, the IHT could be very low or even zero.

Hi and a warm welcome to the Spanish forum on BE. Myself and Fred James are the moderators for the Spanish forums whilst BEVS moderates Europe. Moderators are there to ensure that the site runs smoothly within the rules of BE. This is so that members gain the information that they are looking for and find their experiences on the forums to be friendly and worthwhile.

Problems and complaints should always be addressed to a moderator who will look into the matter and deal with it efficiently and fairly. Our members who post in the Spain Forums are usually friendly and helpful with a wealth of knowledge about the issues of living in Spain. I hope that you enjoy your time participating in the forums.

Please let me know if you need any further help.

Rosemary

Thank you Fred James and thanks for the welcome, Rosemary.

sent a PM.

Gracias.