Property tax reform worry

Image of the U.S. Capitol Building in Washington D.C. Credit: Google maps - George Prince

SPANISH ombudswoman Soledad Becerril voiced her concern over a tax reform approved by the Congress of Deputies.

The reform increases taxation on home sales and could have an impact on property prices.

Becerril requested information from the Secretary of State for Finance regarding the elimination of adjustment and abatement coefficients in the Spanish personal income tax, known as IRPF, which could lead to increases in taxes levied on property sales.

The ombudswoman asked if there are plans to adopt an amendment to the reform, which would alleviate its effects in the case of people – retirees and unemployed people, for instance – who are forced to sell their homes due to a difficult economic situation.

The elimination of adjustment and abatement coefficients could have an impact on the real-estate sector, said the ombudswoman in a document submitted to the Ministry of the Treasury, and warned that the changes could lead to hasty property sales and alter prices.

 

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