Crippling tax to sell your own home

I THOUGHT that I should check the amount of plusvalia tax payable should I sell my home.

We bought our three bedroomed villa in Benalmadena in 1990.  Friends who sold a similar home in Mijas Costa paid about €8000.  Our plot is nearly half as big again so I thought maybe €11,000 to €12,000 would be realistic.

To my horror the town hall has advised me that if I sold my villa now the plusvalia would be more than €46,900 or nearly 30 per cent of what I originally paid for it.

This punitive tax on the sale of properties in Benalmadena is due to the ridiculously high valuation of land by the council in 2007 before the property bubble burst. Until there is a new valuation to reflect reduced house prices anyone selling their home in the town had better watch out for this crippling tax.

I will now live here until I die!

John Attenborough, Benalmadena (Malaga).

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Comments


    • Norman Reeves

      03 February 2013 • 19:27

      Once again ExPats whinge over property sales
      i note that he only gives the tax on the value of the property i 1990 . These taxes are on the valuation price and not on history. Whats the odds hes still making a killing on this sale
      DONT BE SO GREEDY

      Reply
    • tilly

      10 February 2013 • 14:11

      10-1 you don’t own your own property and or you are probably not an expat either

      Reply
    • David Reid

      11 February 2013 • 10:57

      The other side of the coin here is that he’ll be VERY lucky to sell in the first place and only then if he has dropped the price enormously. By the time the Town Hall takes their slice he’ll probably NOT be “making a killing”, as Mr. Reeves suggests.

      Reply

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