How real estate valuations are carried out in Madrid

Different online tools can help you to find out the value of your property. We'll tell you what they are.
A question that concerns many Madrid-based homeowners, even if they are not thinking about buying or selling, is what their home is really worth. Well, in the same way as it's easy to find out the value of a cadastral reference by going to the Land Registry, there's also a tool for finding out the value of real estate in Madrid. So with just a few clicks and without leaving home, you can find the appraised value conveniently from your computer. It is very important to know the value of your home, since its price is used as the basis each year of reasons such as assets to include in your tax return or property tax. That's why it's important to have this information for reasons beyond mere curiosity. The Autonomous Community of Madrid helps you with this procedure by offering you a place on its website where you can find out the value of a property.
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The Autonomous Community of Madrid valuation

In its virtual office, the Autonomous Community of Madrid places at the disposal of citizens a program to consult and download a valuation of a property located in the autonomous community. If the real estate complies with certain prior requirements, the website can be used to consult and automatically download a pre-valuation that will be binding for a period of three months on the Tax Authorities of the Autonomous Community of Madrid.

This fact is the consequence of the article 90 of the Tax General Act (Law 58/2003, of December 17), whereby the Autonomous Region of Madrid is duty bound to report on the value of real estate in the Region. In this respect, it is official information facilitated to an interested party exclusively for payment of Capital Transfer Tax and Stamp Duty and Inheritance and Gift Tax.

The process for accessing the valuation of real estate in Madrid is simple. First, you have to go to the specific website of the Comprehensive Valuation System of the General Directorate of Taxes and Organization and Gaming Management, a part of the Department of the Economy, Employment and Revenue. There you will be able to enter the land registry reference number you wish to consult and, if the result is the one you desire, following verification, you will be able to see the valuation of the real estate without further procedures.

In the aforementioned summary, you will find basic information on the residence, such as its position on a map, the year it was built, the use to which it is destined, etc.

However, don't be fooled by the ease of this first hurdle to value properties in the Region of Madrid, since the result very well may not be the market value of the property in question. There is therefore a discrepancy between a “valuation” and an “appraisal of value” of real estate, as we will explain.

The difference between a valuation and an appraisal of value

The free valuation tool the Autonomous Community of Madrid places at the disposal of taxpayers uses the information held in the land registry files, an important fact to take into account when making your enquiry. However, the assessment will not consider many of the factors that will be taken into account by a regulated valuer.

The valuation of an apartment, i.e. setting its official sale value, is a study of a property according to its location and architectural properties (which are not included in the Cadastral registry) and much more. Questions relating to the evolution of the neighborhood, how the property has been cared for, any refurbishment undertaken in the property or the building, etc. are issues that will undoubtedly have a positive or negative influence on a valuation. Therefore, it is not unusual to see divergences between the results of an official valuation and an appraised value.

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BBVA Valora helps you

The precise value given in valuation, as we have said, requires a detailed study of the property by an appraiser authorized by the Bank of Spain. However, certain tendencies and the evolution of prices allow general aspects to be considered and, as a result, make it possible to provide the interested party with an approximate selling price.

With BBVA Valora, with just a few clicks and after entering certain specifics into a search template, such as the exact location of the home or even the land registry reference number, you will receive an indicative market study that will give you the average value of the home. And, above all, an initial idea of how much a mortgage would be to finance the purchase of the property.

If you want to have other tools to help you with the process of looking for a home on your smartphone, you can download the BBVA Valora View app, which provides access to very useful information. Simply by pointing your phone's camera at the home in question, you will get an approximate price for the home, based on its cadastral value and known offers in the area posted on the website Idealista. You also have functionalities such as an intelligent map or neighborhood analysis.

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