Promotur, the association for residential tourism, sports and health in Andalucía is willing to go to court to object against the in their opinion unreasonable rise in the Cadastral values of properties in Marbella. The Cadastral value is used for tax calculations over property ownership in Spain and Marbella has not seen a revision in the Cadastral value the last 23 years.
For property promoters this means a huge increase of tax costs during construction of projects and probably the ruination of many as well according to the association. The cost of living is increasing very much compared to other municipalities and Promoturis concerned this might put Marbella as a destination in a negative competitive position.
Cadastral values are much lower than market values at this moment, some people argue that 80%. Promotur thinks that is well overestimated as property prices have been going down a lot over the past few years, in some cases up to 50%. They ar concerned that Hacienda (the tax office) will not keep this in account as they will raise the cadastral values and not count with the real market values.
Marbella town hall is taking some measures to try and keep the costs reasonable though, they have reduced the Plusvalia rates with 60% to give an impulse to local property sales in Marbella.
Read the full article (in Spanish)
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