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.